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The financial statements of Culver Ltd. include the following items at December 31, 2025. The financial statements of Culver Ltd. include the following items at
The financial statements of Culver Ltd. include the following items at December 31, 2025.
The financial statements of Culver Ltd. include the following items at December 31, 2025. Accounts payable $24.400 Income tax expense $5,960 Accounts receivable 24,180 5,260 Interest expense Interest payable Accumulated depreciation-buildings 58,660 2.400 Accumulated depreciation-equipment 24,920 Land 225,040 Buildings 155,280 Long-term investments 33,630 Cash 27,870 Mortgage payable 120,640 Common stock 162,400 184,000 Operating expenses Prepaid insurance Equipment 76,640 1,680 Retained earnings, January 1 135,160 Service revenue 212,310 Supplies 1,350 Calculate net income and the ending balance of retained earnings at December 31, 2025. Net income $ Ending balance of retained earnings $ $Step by Step Solution
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