1.Bravo's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,200, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,600, and Tools $300.Bravo's total assets are: (All account balances are normal.)

2.Bravo Company began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Bravo Company had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Bravo Company incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end.During 20X6, $1,000 cash was disbursed as dividends.The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year.How much was Bravo Company's 20X6 net income?

3.Beginning stockholders' equity was $120,000.Ending stockholders' equity was $195,000.Additional issuances of capital stock during the year amounted to $18,000.Dividends during the year amounted to $12,000.How much was net income for the year?

4.Eight years ago, Bravo Company purchased land for $170, 000.The current fair market value of the land is $421,000.The rate of general inflation experienced during the 8-year period has averaged 10% per year.At the time the land was purchased, Bravo intended to hold it for 20 years.At what amount should the land be carried on Bravo's books today?