Can you please show me the solution step by step and also included the whole calculation ; i need to understand the solution to solve another one on my own ,
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2012
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2011
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Assets
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78700
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33400
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Cash
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72790
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37000
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Accounts Receivable
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121900
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102650
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Long Term Investments
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89500
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107000
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Plant Assets
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320000
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205000
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Accumulated Depreciation
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49500
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40000
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Total
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633570
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445050
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Liabilities&Stockholders Equity
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Accounts Payable
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57700
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48280
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Accrued Expense Payable
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15100
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18830
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Bonds Payable
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140000
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70000
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Common Stock
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250000
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200000
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Retained Earnings
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170770
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107940
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Total
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633570
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445050
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CADET COMPANY
Income Statement Data December 31 2012
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Sales
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294500
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Gain on Sale of plant assets
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3000
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297500
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Less:
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COGS
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104460
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Operating Expenses, excluding
deppreciation expense
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14670
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Deppreciation Expense
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35500
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Income Taxes
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32100
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Interest Expense
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2940
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189670
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Net Income
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107830
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1) New plant assets costing 151000 $ were purchased for cash during the year
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2)Investments were sold at cost
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3)Plant assets costing 36000 $ and accumulated deppreciation of 26000 $ were sold for 13000 $
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4)A cash dividend of 45000 $ was declared and paid during the year
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