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Slow, Inc, Reported the Following Asset and Liability Balances at the the Ends

question 86

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Slow, Inc., reported the following asset and liability balances at the ends of 20X1 and 20X2: 20X120X2 Total Assets $80,000$110,000 Total Liabilities 50,00040,000 Cash 22,00032,000\begin{array} { | l | r | r | } \hline & \underline { \mathbf { 2 0 X1 } } & \underline { \mathbf { 2 0 X 2 } } \\\hline \text { Total Assets } & \$ 80,000 & \$ 110,000 \\\hline \text { Total Liabilities } & 50,000 & 40,000 \\\hline \text { Cash } & 22,000 & 32,000 \\\hline\end{array} During 20X2, cash dividends of $5,000 were declared and paid. Additional shares were issued for $15,000. What was the profit (or loss) for 20X2?

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