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Here are selected 2017 transactions of Flint Corporation. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purcha

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Answer #1
Assets = Liabilities + Stockholders' Equity
Cash + Equipment - Accum. Depr.-Equip Retained Earnings Account title for Retained Earnings
Common stock + Revenue - Expense - Dividend
Jan-01 $ -61,900 $ 61,900
Jun-30 $ 4,550 $ 4,550 Depreciation expense-Equipment
$ 4,600 $ -36,400 $ 22,750 $ 9,050 Loss on Sale of equipment
Dec-31 $ 4,200 $ 4,200 Depreciation expense-Delivery truck
$ 9,470 $ -24,500 $ 16,800 $ 1,770 Gain on sale of delivery truck
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