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Question - The following balances were taken from the books of Monty Limited on December 31, 2020:
Interest income
$84,000
Accumulated depreciation-equipment
$50,000
Cash
52,000
Accumulated depreciation-buildings
26,000
Sales revenue
1,390,000
Notes receivable
145,000
Accounts receivable
140,000
Selling expenses
193,000
Prepaid insurance
25,000
Accounts payable
167,000
Sales returns and allowances
136,000
Bonds payable
101,000
Allowance for doubtful accounts
7,000
Administrative expenses
97,000
Sales discounts
42,000
Unearned revenue
23,000
Land
100,000
Interest expense
41,000
Equipment
200,000
Notes payable
Building
130,000
Loss from storm damage
142,000
Cost of goods sold
612,000
Depreciation expense
Assume the total effective tax rate on all items is 20%.
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