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The following is a trial balance for Josephus Corporation as of and for the year ended December 31, 2018: Credit Debit S 50,000 850,000 Cash
The following is a trial balance for Josephus Corporation as of and for the year ended December 31, 2018: Credit Debit S 50,000 850,000 Cash Building Accrued legal fees expense S 46,750 Patents Funiture 28,400 190,600 915,200 Cost of goods sold Common stock Treasury stock Rent expense Bonds payable Interest expense Retained earnings Gain on sale of machinery Prepaid insurance Salaries expense Discount on bonds payable 225,000 46,000 97,000 475,000 82,000 116,780 15,480 17,500 384,000 12,500 Sales 1,350,000 580,000 35,250 140,000 78,000 Accounts payable Accumulated depreciation furniture Income taxes payable Unearned revenue 327,500 1,400 Inventory Supplies inventory Dividend income Investments in trading securities Salaries payable Accounts receivable Goodwill 20,000 295,480 48,520 253,200 35,000 85,000 15,000 375,000 Depreciation expense Prepaid rent expense Land Accumulated depreciation -building Additional paid-in capital 148,000 782,000 $4,060,780 $4,060,780 Required Using the data provided on the preceding page: a. Prepare a classified balance sheet. b. Prepare a multi-step income statement. c. Show how you computed the ending retained earnings balance reported in the classified balance sheet in part a
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