ient $1B$

Question $1,$ E$1-21($book$/$static$)$

Part $1$ of $7$

The line items for Torrance Associates Inc,$\text{'}$s balance sheet and income statement for its latest fiscal year, which ended Decemh View the line items.

Read the requirements.

Requirement $1.$ Prepare Torrance's balance sheet using the accounting equation for assistance. Complete the heading first. Com retained earnings using the net income method. Dividends are not zero and have not been provided in the question. $($If an input ff select a label or enter a zero. Enter amounts in millions as provided to you in the problem statement.$)$

Torrance Associates Inc.

Balance Sheet

Income Statement

Statement of Cash Flows

Statement of Retained Earnings

As at December $1,20$XX

As at December $31,20xx$

For the Year Ended December $30,20$XX

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