Understanding financial statement relationships The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms:
| Firm A | Firm B | Firm C |
Total assets, 12/31/10 | ? | $435,000 | $155,000 |
Total liabilities, 12/31/10 | $80,000 | ? | 75,000 |
Paid-in capital, 12/31/10 | 55,000 | 59,000 | 45,000 |
Retained earnings, 12/31/10 | ? | 186,000 | ? |
Net income for 2010 | 68,000 | 110,000 | 25,500 |
Dividends declared and paid during 2010 | 12,000 | ? | 16,500 |
Retained earnings, 1/1/10 | 50,000 | 124,000 | ? |
Required:
Calculate the missing amounts for each firm.
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