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For Bob and Sue, the changes in net worth for the year ended December 31, 2008, follow:
Realized increases in net worth:
Salary $ 60,000
Dividend income 2,500
Interest income 2,000
Gain on sale of marketable securities 500
Realized decreases in net worth:
Income taxes 20,000
Interest expense 6,000
Personal expenditures 29,000
Unrealized increases in net worth:
Stock options
3,000
Land
7,000
Residence
5,000
Unrealized decreases in net worth:
Boat
Jewelry
1,000
Furnishings
4,000
Estimated income taxes on the differences
between the estimated current values of
assets and the estimated current amounts
of liabilities and their tax bases
15,000
Net worth at the beginning of year
150,000
Required:
a. Prepare a statement of changes in net worth for the year ended December 31, 2008.
b. Comment on the statement of changes in net worth.
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