Additional information #4 in P4-14
How would this be recorded as a journal entry and how would this be recorded on a balance sheet?
Gehensive Balance Sheet, Schedules, and Notes The following is an alphabetical listing of Stone Gwyn's balanshee accounts and account balances on December 31, 2019 Accounts Payable Accounts Receivable Accumulated Depreciation Adinaal Pald in Capital on Common Stock Adal Paid in Capital on Preferred Stock Allowance for Doubtful Accounts $ 44,200 Income Taxes Payable 37.100 Inventory 109,300 Investment in Afiliate 20.000 Long Term Liabilities book value) 3,200 Miscellaneous Current Payables 1.600 Notes Receivable 12.500 Prelerred Stock 13,800 Property, plant, and Equipment 80,000 Retained Earnings 5 19.700 85,300 30,000 91.000 6.800 17.000 32.000 296,700 84.600 Band Sinking Fund Cash Common Stock Adrional information: 1. The company reports on the balance sheet the net book value of property and equipment and long term lia bilities (known as control accounts). The related details are disclosed in the notes fixtures 572,600; and office cquipment, S30,000. 2. The seraight-Hine wa the discused to depreciate property and equipment based upon cont, estimate de store this account are: land, $29,500; buildings, $164,000, store The accumulated depreciation breakdown is as follows: buildings, 854,600, store fixtures, $37,400, and office The lone_cerm debt includes 12%, $36.000 face value bonds that mature on December 31, 2024, and 12025, unamorad bond discount of $1,000, 11%, $48.000 face value bonds that mature on December 31, 2025, have a portam on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a note payable that has a face value of $6,200 and matures on January 1, 2022. 5. The non terest-bearing note receivable matures on June 1, 2023. Inventor listed at lower of cost or market; cost is determined on the basis of average cost. The invecent in affiliate is carried at cost. The company has guaranteed the interest on 12%, $50,000, 15-beards issued by this affiliate, Jay Company 8. Commcnck has a S10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2019 acc of $13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred ck has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2019 at price of $55 per share, resulting in 640 shares issued at year-end. 10. On Janua; 15, 2020, before the December 31, 2019, balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only declared and paid during the year were $50,500 and $21,000, respectively $5,000
