Preparation of and income statement, balance sheet and a statement of retained earnings
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1. An income statement for 2005
2. A statement of retained earnings for 2005 (using net income from part 1)
3. A balance sheet at 12/31/05 using the ending retained earnings from part 2.
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Solution Summary
An income statement for 2005 is determined. The statement of retained earnings for 2005 (using net income from part 1) is determined. A balance sheet at 12/31/05 using the ending retained earnings from part 2 is analyzed.
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