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The following is the December 31,2022 , balance sheet for Newmarket Novelty Goods Inc. Sales...

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The following is the December 31,2022 , balance sheet for Newmarket Novelty Goods Inc. Sales for 2022 were $1,800,000, with the cost of goods sold is 45% of sales. Amortization expense was 10% of the gross plant and equipment at the beginning of the year. Interest expense was 10% on the notes payable and 12% on the bonds payable. Selling, general, and administrative expenses were $170,000 and the firm's tax rate is 30%. A) Prepare an income statement in the proper format. [Show all the calculations where warranted] [10 marks] B) If the dividend payout ratio for the company is 35%, what is the value of the retained earnings account on December 31 , 2022? [5 marks]

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