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Determine the company total amount of equity at dec

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Reference no: EM132483178

Unadjusted current assets section and equity section of the company's December 31, year 1 balance sheet are as follows

Current Assets

Cash                                                                                                  $60,000

Investments in equity securities (including $300,000 of United common stock) 400,000

Trade accounts receivables                                                                    340,000

Inventories .                                                                                       148,000

Total .                                                                                              $948,000

Equity

Common Stock .                  $2,224,000

Retained Earnings (deficit)      (224,000)

Total .                              $2,000,000

Question 1: Investments and inventories are reported at their costs, which approximate fair values. In its Year 1 statement of equity, the company total amount of equity at Dec 31, Year 1 is

Reference no: EM132483178

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