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A $26,000 note payable is retired at its $26,000 carrying (book) value in exchange for cash.
The only changes affecting retained earnings are net income and cash dividends paid.
New equipment is acquired for $61,600 cash.
Received cash for the sale of equipment that had cost $49,400, yielding a $2,500 gain.
Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
All purchases and sales of merchandise inventory are on credit.
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