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The following applies to questions 22 and 23: On 12-31-08, the end of its first year of operations, Murphy Corporation reports the following account balances:

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The following applies to questions 22 and 23: On 12-31-08, the end of its first year of operations, Murphy Corporation reports the following account balances: Accounts receivable Accumulated depreciation, equipment Capital stock Cash Depreciation expense Dividends $ 15,000 46,000 100,000 26,600 8,000 3,200 Equipment Fees earned Notes payable due 2017 Operating expenses Retained earnings Unearned fees $ 195,000 150,800 50,000 115,000 16,000 22. On its 2008 income statement, what will be Murphy's net income? a. $27,800 b. $24,500 c. 42,800 d. 39,500 23. On its 12-31-08 balance sheet, what will be Murphy's total assets? a. $341,400 b. $290,600 c. $441,400 d. $190,600

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