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The comparative balance sheet of Alliance Structures Inc. for December 31, 2008 and 2007, is as follows:
Cash
$ 90
$ 23
Accounts receivable (net)
30
27
Inventories
24
21
Land
35
55
Equipment
32
22
Accumulated depreciation-equipment
(9)
(5)
$202
$143
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)
$ 17
$ 10
Dividends payable
1
-
Common stock, $1 par
6
3
Paid-in capital in excess of par-common stock
10
Retained earnings
148
120
Total
The following additional information is taken from the records:
a. Land was sold for $15.
b. Equipment was acquired for cash.
c. There were no disposals of equipment during the year.
d. The common stock was issued for cash.
e. There was a $40 credit to Retained Earnings for net income.
f. There was a $12 debit to Retained Earnings for cash dividends declared.
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