Homework Answers
a) Net income= Service revenue-Operating expenses-Interest expense-Income tax expense
= $182040-159680-4500-6200
= $11660
b) Ending balance of Retained earnings= Beginning balance of Retained earnings+Net income-Dividends
= $120520+11660-0
= $132180
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depreciation—equipment 20,470 Long-term investments 30,970 Service
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