Financial information related to Ebony Interiors for February and March 2014 is as follows:

a. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2014.
b. Determine the amount of net income for March, assuming that no additional capital stock was issued and no dividends were paid during the month.
c. Determine the amount of net income for March, assuming that no additional capital stock was issued but dividends of $ 50,000 were paid during themonth.

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February 28, 2014 Accounts payable Accounts recelvable Capital stock Cash Retained earnings Supplies $310,000 800,000 200,000 320,000 March 31, 2014 $400,000 960,000 200,000 380,000 30,000 35,000