Purchased fixed assets in exchange for a long-term note valued at $85,000. Chapter 13 The Complete Income
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Purchased fixed assets in exchange for a long-term note valued at $85,000. Chapter 13 The Complete Income Statement 675 REQUIRED:
a. Classify each transaction as either an operating transaction or a capital transaction.
b. Prepare an income statement.
c. Compute comprehensive income and compare it to the income reported on the income statement. Discuss
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