Question: Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table
Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for each entity in the table below, enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0) or leave the cell blank.
Account Entity A Entity B
Revenues $100,000$200,000
Expenses 60,000
Net income $40,000
Retained earnings, January 1 70000 $300,000
Dividends declared $50,000 $70,000
Retained earnings, December31 r $120,000 $310,000
Current assets, December 31 $60,000
Noncurrent assets, December 31$420,000 80000
Total assets, December 31$500,000
Current liabilities, December 31 $30,000
Noncurrentliabilities,December31$270,000 $110,000
Total liabilities, December 31 $140,000
Paid-in capital, December 31 $520,000
Total shareholders' equity, December31$200,000
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