Retained earnings, $400,000 Treasury stock-common, $20,000 Paid-in capital in excess of par value-common, $55,000 Treasury stock-preferred, $30,000 Common stock, $200,000 Preferred stock, $180,000 Paid-in capital in excess of par value-preferred,
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Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $66,000. At the end of the year, inventory on hand amounted to $28,500.
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