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Issues common shares 1 000 Borrows ...

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Accounting

Issues common shares 1 000
Borrows 400
Repays loan 100
Pays interest 24 18
Buys property and plant (estimated useful life is 10 years) 900
Buys inventory 350 400
Cash paid for inventory 320 380
Sells inventory 510 550
Cash received from sales 430 480
Inventory left at year end 60 80
Pays expenses 40 50
Pays tax at 30%
Pays a dividend 30 5
Requirements:
1. Produce a balance sheet and income statement for Jenga Inc for Years 1 and 2.
2. Produce the financial statements for Year 2.

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