The financial statements of Culver Ltd. include the following items at December 31, 2025. ...
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The financial statements of Culver Ltd. include the following items at December 31, 2025.
The financial statements of Culver Ltd. include the following items at December 31, 2025. Accounts payable $24.400 Income tax expense $5,960 Accounts receivable 24,180 5,260 Interest expense Interest payable Accumulated depreciation-buildings 58,660 2.400 Accumulated depreciation-equipment 24,920 Land 225,040 Buildings 155,280 Long-term investments 33,630 Cash 27,870 Mortgage payable 120,640 Common stock 162,400 184,000 Operating expenses Prepaid insurance Equipment 76,640 1,680 Retained earnings, January 1 135,160 Service revenue 212,310 Supplies 1,350 Calculate net income and the ending balance of retained earnings at December 31, 2025. Net income $ Ending balance of retained earnings $ $
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