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The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) Liabilities: Current
The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) Liabilities: Current liabilities Note payable, 6%, due in 15 years Total liabilities Stockholders' equity: Preferred $2 stock, $100 par (no change during year) Common stock, $10 par (no change during year) Retained earnings: Balance, beginning of year $1,458,000 $162,000 810,000 $972,000 $729,000 729,000 Net income Preferred dividends Common dividends Balance, end of year Total stockholders' equity Sales $778,000 358,000 $1,136,000 $14,580 149,420 164,000 972,000 $2,430,000 $6,948,800 Interest expense $48,600 Assuming that long-term investments totaled $1,701,000 throughout the year and that total assets were $3,232,000 at the beginning of the current fiscal year, determine the following. When required, round to one decimal place.
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