Income before income taxes was $1,000,000, and income taxes were $150,000 for the current year. Cash dividends paid on common shares during the current year totalled $200,000. The common shares were selling for $40 per share at the end of the year.

The balance sheet for Fitela Industries Ltd at the end


The balance sheet for Fitela Industries Ltd. at the end of the current fiscal year indicated the following:

Bonds payable, 10% (issued in 2002, due in 2022) ……………………….$4,000,000

$5 preferred shares, 10,000 shares issued and outstanding ………………. 1,000,000

Common shares, 200,000 shares issued and outstanding ………………. 2,000,000

Income before income taxes was $1,000,000, and income taxes were $150,000 for the current year. Cash dividends paid on common shares during the current year totalled $200,000. The common shares were selling for $40 per share at the end of the year.

Income before income taxes was $1,000,000, and income taxes were $150,000 for the current year. Cash dividends paid on common shares during the current year totalled $200,000. The common shares were selling for $40 per share at the end of the year.

The balance sheet for Fitela Industries Ltd at the end

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