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Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are 4000, and accrued sales commissions payable are $5900. Investment revenue receivable is $1000. Depreciation for the year on buildings is $4500 and on machinery, $5000. Federal and state income taxes for the year are estimated at $18100.
Debit CreditCash $39000Inventory $50000Investment $50000Land $70000Buildings $180000Machinery $100000Accounts payable $65000Common Stock $320000Additional paid-in capital $40000Sales $590000Cost of goods Sold $230000Sales Commissions $200000General Operating Expenses $101000Investment Revenue $5000Totals $1020000 $1020000
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