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Question - The following data, presented in alphabetical order, are taken from the records of Cullumber Corporation.
Accounts payable
$241,000
Accounts receivable
139,300
Accumulated depreciation-buildings
180,000
Accumulated depreciation-equipment
51,000
Allowance for doubtful accounts
5,700
Bonds payable (10%, due 2030)
500,600
Buildings
949,900
Cash
42,500
Common stock ($10 par value; 492,200 shares authorized, 149,100 shares issued)
1,491,000
Dividends payable
80,400
Equipment
274,500
Goodwill
200,400
Income taxes payable
119,300
Inventory
169,900
Investment in Mara common stock (30% ownership), at equity
379,500
Investment in Sasse common stock, at fair value
278,100
Land
389,900
Notes payable (due 2023)
69,400
Paid-in capital in excess of par-common stock
140,500
Premium on bonds payable
40,400
Prepaid insurance
16,900
Retained earnings
102,100
Short-term investments, at fair value
180,500
The investment in Sasse common stock is considered to be a long-term security.
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