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The following account balances were selected from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed:
The following account balances were selected from the records of TAC Corporation at the end of the fiscal year after all adjusting entries were completed:
Common stock ($19 par value; 105,000 shares authorized, 42,000 shares Issued, 39,000 shares outstanding) Additional pald-In capital Dividends declared and pald during the year Retained earnings at the beginning of the year Treasury stock at cost (3,000 shares) $798,000 178,000 16,000 80,000 (32,000) Net income for the year was $38,000. The stock price is currently $23.69 per shareStep by Step Solution
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