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  3. the income statement for deltatec inc for the year ended...

Question: the income statement for deltatec inc for the year ended...

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The income statement for Delta-tec, Inc., for the year ended December 31, Year 2, was as follows: Delta-tec, Inc. Income Statement (selected items) For the Year Ended December 31, Year 2 Income from operations Gain on sale of investments Unrealized loss on trading investments Net income $196,000 14,000 (45,000) $165,000 The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $804,000. During Year 2, the company purchased trading investments for the first time at a cost of $218,000. In addition, trading investments with a cost of $59,000 were sold at a gain during Year 2. The company paid $46,000 in dividends during Year 2. a. Determine the December 31, Year 2, Retained Earnings balance. b. Provide the December 31, Year 2, balance sheet disclosure for Trading Investments. Delta-tec, Inc. Balance Sheet Disclosure for Trading Investments For December 31, Year 2

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