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Rattigan Company's income statement contained the condensed information below.
Rattigan Company Income Statement
For the Year Ended December 31, 2014
Sales revenue Operating expenses, excluding depreciation
$624,000
$970,000
Depreciation expense
55,000
Loss on disposal of plant assets
25,000
704,000
Income before income taxes
266,000
Income tax expense
40,000
Net income
$226,000
Rattigan's balance sheet contained the comparative data at December 31, shown below.
2014
2013
Accounts receivable
$75,000
$60,000
Accounts payable
41,000
27,000
Income taxes payable
13,000
7,000
Accounts payable pertain to operating expenses.
Instructions
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