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The income statement of Minerals Plus, Inc., follows

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The income statement of Minerals Plus, Inc., follows:


MINERALS PLUS, INC. 
Income Statement
Year Ended September 30, 2012
Revenues:
Service revenue
$ 235,000
Expenses:
Cost of goods sold
$ 97,000
Salary expense
57,000
Depreciation expense
26,000
Income tax expense
4,000
184,000
Net income
$ 51,000

Additional data follow:

a. Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and $18,000 by signing a note payable.

b. Cash receipt from sale of land totals $28,000. There was no gain or loss.

c. Cash receipts from issuance of common stock total $29,000.

d. Payment of note payable is $18,000.

e. Payment of dividends is $8,000.

f. From the balance sheet:

and so on ....

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