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12. The following are preliminary,T financial statements for Green Co. and Gold Co. for the year ending December 31, 2018 prior to Green’s acquisition of Gold.
Green Co. Gold Co. Sales $360,000 $228,000
Expenses 12.4.0399; 11323110;
Net income m i Q 95 000
Retained earnings, January 1, 2018 $480,000 $252,000
Net income (from above) 120,000 96,000
Dividends declared m —[1—
Retained earnings, December 31, 2018 m m 0 0
Current assets $350,000 $120,000
Land 120,000 108,000
Building (net) m m
Total assets m m a a
Liabilities $108,000 $132,000
Common stock 192,000 22,000
Additional paid—in capital 88,000 12,000
Retained earnings, December 31, 2018 564.000 348 000 Total liabilities and stockholders’ equity,T m M
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