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5. Given the following information, prepare an income statement for year ended December 31. ($000) Stockholder‚s equity 500 Accounts payable 150 Cost of goods sold 55 Accumulated depreciation 500 General & administrative expenses 12 Taxes 40% Preferred stock dividends 5 Interest expense 5 Sales revenue 100 Depreciation expense 10 6. Ajax Inc. had profits of $200,000 for the year. Their retained earnings account grew from $800,000 at the beginning of the year to $950,000 by year end. How much did the firm pay out in dividends?

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