20X1 $10,000 126,500 10,000 800,000 (20,000) $926,500 20X2 $5,000 118.500 25,000 925,000 (64,000) 1,009.500 Cash Accounts receivable Investments (Long-term) Equipment Accumulated depreciation Total assets Current liabilities Accounts payable Note payable (current) Dividends payable Noncurrent liabilities Note payable Common stock Paid-in capital in excess of par Treasury stock Retained earnings Total liabilities and owner's equity $18,000 25,000 5,000 21,000 42.000 6.000 675,000 100,000 70,000 (20,000) 53,500 $926,500 690.000 105,000 95,000 (30,000) 80,500 $1,009,500 Additional information regarding activities for 20X2: a. Equipment costing $25,000 and depreciated by $10,000 was sold for $12,000 during 20X2. b. Assume all current liabilities are paid on a timely basis. C. Assume retained earnings is affected only by net earnings and dividend declared. d. $6,000 of dividends were declared during 20X2 Required: Please show all your work. If you write down only answers, you will get 50% of the assigned credits, although your answers are correct. Although your answers are not correct, if you provide your work, you will get partial points. 1. What is the among of cash at the beginning of 20X1? (2 points) 2. What are the current assets at the beginning of 20X2? (2 points) 3. What is the amount of net working capital at the end of 20X1? (2 points) 4. What is the net book value of the Spartan's equipment at the end of 20X2? (4 points) 5. What were the net earnings of for The Spartan for 20X2? (4 points) 6. How much long-term debt was borrowed during 20X2? (6 points) 7. What was the total gain or loss on equipment sales? (4 points) 8. What were the purchases of equipment during 20X2? (6 points) 9. What was the depreciation expense (=change in depreciation) for 20X2? (6 points)