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ZOOM IN On December 31, 2017, Crane Company prepared an incent statement and balance sheet, but fared to take into account three adjusting entries. The
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On December 31, 2017, Crane Company prepared an incent statement and balance sheet, but fared to take into account three adjusting entries. The balance sheet showed total assets $111,000, total liabilities $1, 800, and stockholders' equity $9, 200. The incorrect income statement showed net Income of $51, 800. The data for the three adjusting entries were: Salaries and wages amounting to $7, 400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $5, 920 was received for 2 months in advance on December 1. The entire amount was credited to Unteamed Rent Revenue when paid. Depreciation expense for 2017 is $6, 660. Complete the foiling tatter to correct the finance statement amounts shown (Incite deductions with parentheses)Step by Step Solution
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