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Unformatted text preview: 5,200 Bal -0-5,200 1,500 Bal -0-1,500 900 Bal 0-900 Insurance Expense Interest Expense Depreciation Exp 50 Bal 0-50 50 Bal 0-50 40 Bal 0-40 Starting the first day of the next fiscal year , the Equity section of the Balance Sheet would now look like Sierra Corporation Equity Section of Balance Sheet As of November 1, 2004 Common Stock $10,000 Retained Earnings from Prior Year 2,360 Plus: Net Income Current Year-0-Less: Dividends Current Year -0-Total Stockholders Equity $12,360 All temporary accounts would start over with zero balances, awaiting the activity of the transactions of the new fiscal year. 2...
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