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Question - Prat Corp. started the Year 2 accounting period with $37,000 of assets (all cash), $15,500 of liabilities, and $12,000 of common stock. During the year, the Retained Earnings account increased by $14,550. The bookkeeper reported that Prat paid cash expenses of $29,500 and paid a $2,700 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $10,000 cash to reduce the liability owed to the bank, and the business acquired $8,500 of additional cash from the issue of common stock.
Required - Find the amount of cash the prat received for performing services?
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