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Exercise 3: The financial results for the past two years for Ornamental Iron, a division of the Iron Foundry Company, are as follows: Iron Foundry Company/ornamental Iron Division Balance Sheet/December 2007 and 2008 2008, 2007, S Assets 5,000 3,000 Cash Accounts receivable 10,000 8,000 30,000 32,000 Inventory Other current assets 600 600 128,300 120,300 Plant assets Total assets 173,900 163,900 Liabilities and Stockholders' Equity Current liabilities 13,900 10,000 Long-term liabilities 90,000 93,900 Stockholders' equity 70,000 60,000 Total liabilities and 173.900 163.900 stockholders' equity Iron Foundry Company/ornamental Iron Division Income Statement for the years ended December 31, 2007 and 2008 2008, s 2007, s Sales 180,000 160,000