The following information relates to Peter Company (in thousands): Additional investment by Mr. Peter $...
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Accounting
The following information relates to Peter Company (in thousands):
Additional investment by Mr. Peter $ 15 Sales revenue 150 Net assets, beginning of year 1, 100 Distribution to Mr. Peter 110 Cost of goods sold 125 Net assets, end of year 1, 180
Required:
Compute net income, using the capital maintenance approach.
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