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4. The following trial balance of Reese Corp. at December 31, 2016 has been properly adjusted.
Reese Corp.
Trial Balance
December 31, 2016
Dr. Cr.
Cash $ 775,000
Accounts receivable (net) 2,695,000
Inventory 2,085,000
Property, plant, and equipment (net) 7,566,000
Accounts payable and accrued liabilities $ 501,000
Income taxes payable 654,000
Notes Payable 1,200,000
Deferred income tax liability 85,000
Common stock 2,350,000
Additional paid-in capital 3,680,000
Retained earnings, 1/1/16 3,450,000
Net sales and other revenues 13,560,000
Costs and expenses 11,180,000
Income tax expenses 1,179,000
$25,480,000 $25,480,000
Other financial data for the year ended December 31, 2016:
The notes receivable is payable in annual installments of $400,000. The last payment is due January 1, 2019.
Prepare Reese's December 31, 2016 balance sheet, including ending retained earnings.
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