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These items are taken from the financial statements of Carla Vista Ltd. at December 31, 2018: Accounts payable Accounts receivable Accumulated depreciation-buildings 54,600 and Accumulated depreciation-equipment 23,470 Long-term investments Service revenue Buildings Cash Common shares Equipment Income tax expense $5,900 2,200 188,670 32,970 107,000 162,680 1,700 144,000 Retained earnings, January1 119,520 1,540 $19,050 Interest expense 19,780 Interest payable 182,040 Mortgage payable 136,800 Operating expenses 27,040 Prepaid insurance 68,100 Supplies 6,700

Calculate net income and the ending balance of retained earnings at December 31, 2018. Net income 6760 126280

Current Liabilities Accounts Payable 19050 Interest Payable 2200 Income Tax Expense 6700 Total Current Liabilities 27950 Mortgage Payable 107000 Total Liabilities 134950 Shareholders Equity Common Shares 144000 Retained Earnings 119520 Total Shareholders Equity 263520 Total Liabilities and Shareholders Equity 573810

Assume that $30,500 of the mortgage payable will be paid in 2019.

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