The following accounts and balances are taken from Madrid Company's adjusted trial balance for the...
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Accounting
The following accounts and balances are taken from Madrid Company's adjusted trial balance for the year ended December 31, 2020: $11,000 4,000 1,500 Accounts Payable Accounts Receivable Accumulated Depreciation Depreciation Expense Dividende cu Insurance Expense Interest Revenue Prepaid Insurance Retained Earnings Salary Expense Service Revenue 1,500 1 500 500 2,500 2,300 12.10 1,340 2220 2,320 11,500 24,100 37,800 Required: A. Prepare Madrid's income statement for the year ended December 31, 2020. (9 marks) B. Prepare Madrid 's statement of changes in equity for the year ended December 31, 2020. (6 marks)
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