Financial information related to Ebony Interiors for February and March 2018 is as follows:

A. Prepare balance sheets for Ebony Interiors as of February 28 and March 31, 2018.
B. Determine the amount of net income for March, assuming that no additional common stock was issued and no dividends were paid during the month.
C. Determine the amount of net income for March, assuming that no additional common stock was issued, but dividends of $50,000 were paid during the month.

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Cash Accounts receivable Supplies Accounts payable Common stock Retained earnings February 28, 2018 320,000 800,000 30,000 310,000 200,000 March 31,2018 380,000 960,000 35,000 400,000 200,000