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Unformatted text preview: Long-term liabilities: Loan from father $10,000 First National loan 40,000 Total Long-term 50,000 Total Liabilities $60,000 Owners Equity: Net Income 26,330 less: family living expense-28,000 Retained earnings 12/31/2008-1,670 Total Liabilities and Owners Equity: $68,330...
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- Spring '08