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Jimmy's Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000.

Jimmy’s Repair Shop started the year with total assets of $200,000 and total liabilities of $160,000. During the year the business recorded $420,000 in revenues, $220,000 in expenses, and dividends of $40,000. Stockholders’ equity at the end of the year was

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