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Comparative balance sheet data for the More Company at the end of fiscal year 2020 and 2021 follows: (7 Marks)
| More Company |
| Balance Sheet |
| June, 2021 and 2020 |
| | | |
| Assets | 2021 | 2020 |
| Cash | $71,000 | $68,000 |
| Long-term investments | 67,000 | 43,000 |
| Land, buildings, and equipment (net) | 95,000 | 162,000 |
| Intangible assets | 9,400 | 11,300 |
| Other assets | 5,000 | 8,000 |
| Total assets | $347,400 | $292,300 |
| | | |
| Liabilities | | |
| Accounts payable | $37,100 | $ 34,000 |
| Long-term liabilities8% bonds | 23,500 | 17,900 |
| Total liabilities | $60,600 | $ 51,900 |
| | | |
| Stockholders Equity | | |
| 6% preferred stock | $7,500 | $ 7,500 |
| Common stock | 50,000 | 50,000 |
| Additional paid-in capital | 46,000 | 46,000 |
| Retained earnings | 183,300 | 136,900 |
| Total stockholders equity | $286,800 | $240,400 |
| Total liabilities and stockholders equity | $347,400 | $292,300 |
Prepare a common-size balance sheet for the two-year period using total assets to standardize.
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