Alternatively, you may use the information below, and type your answer in the box below: Calcaterra Corporation began operations on January 1, 2020. Additional information related to Calcaterra's transactions in 2021 is provided below: 1. Machinery with a cost of $200,000 and accumulated depreciation of $25,000 was sold for $145,000 2. Calcaterra purchased some equipment for cash in 2021 3. Calcaterra purchased land for which it paid by issuing $100,000 common stock and issuing $50,000 note payable. 4. There was no repayment of bonds payable in 2021. 5. All marketable securities were purchased on December 31, 2021. 6. Calcaterra's balance sheets for 12.31.2021 and 12.31.2020, as well as the income statements for the years ended 12.31.2021 and 12.31.2020 are provided below. 12/31/2021 12/31/2020 12/31/2021 12/31/2020 $ 1,024,200 $ 723,000 45,600 24,400 978,600 698,600 $41,000 $43.750 20,000 53,800 25,000 12,000 154,550 150,000 740,000 (101,750) $942,800 28,000 2,600 18,000 89,600 Calcaterra Corporation Balance Sheet As of In KS Assets Current Assets Cash Marketable Securities Accounts Receivable Inventory Prepaid Insurance Total Current Assets Land Plant and Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Interest Payable Dividend Payable Wage Payable Total Current Liabilities Notes Payable Bonds Payable Total Liabilities Stockholders' Equity Contributed capital Retained Earnings Total Stockholders' Equity Total Liabilities + Stockholders' Equity Calcaterra Corporation Income Statement For the year ended In K$ Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Salaries Expense Insurance Expense Depreciation Expense Total Operating Expenses Net Income from Operations Interest Expense Loss on sale of machinery Pretax income Income Tax Expense Net Income 56,000 333.600 12,000 49,000 450,600 248,000 7,500 64,000 464,450 18,000 77,750 624,200 354,400 7,500 30,000 316,900 60,000 $256,900 490,000 (49,000) $530,600 240,500 22,000 $218,500 19,000 9,600 4,000 6,800 39,400 60,000 240,000 339,400 25,000 5,500 2,000 3,600 36,100 200,000 236,100 200,000 403,400 603,400 $942,800 100,000 194,500 294,500 $530,600 Alternatively, you may use the information below, and type your answer in the box below: Calcaterra Corporation began operations on January 1, 2020. Additional information related to Calcaterra's transactions in 2021 is provided below: 1. Machinery with a cost of $200,000 and accumulated depreciation of $25,000 was sold for $145,000 2. Calcaterra purchased some equipment for cash in 2021 3. Calcaterra purchased land for which it paid by issuing $100,000 common stock and issuing $50,000 note payable. 4. There was no repayment of bonds payable in 2021. 5. All marketable securities were purchased on December 31, 2021. 6. Calcaterra's balance sheets for 12.31.2021 and 12.31.2020, as well as the income statements for the years ended 12.31.2021 and 12.31.2020 are provided below. 12/31/2021 12/31/2020 12/31/2021 12/31/2020 $ 1,024,200 $ 723,000 45,600 24,400 978,600 698,600 $41,000 $43.750 20,000 53,800 25,000 12,000 154,550 150,000 740,000 (101,750) $942,800 28,000 2,600 18,000 89,600 Calcaterra Corporation Balance Sheet As of In KS Assets Current Assets Cash Marketable Securities Accounts Receivable Inventory Prepaid Insurance Total Current Assets Land Plant and Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Interest Payable Dividend Payable Wage Payable Total Current Liabilities Notes Payable Bonds Payable Total Liabilities Stockholders' Equity Contributed capital Retained Earnings Total Stockholders' Equity Total Liabilities + Stockholders' Equity Calcaterra Corporation Income Statement For the year ended In K$ Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Salaries Expense Insurance Expense Depreciation Expense Total Operating Expenses Net Income from Operations Interest Expense Loss on sale of machinery Pretax income Income Tax Expense Net Income 56,000 333.600 12,000 49,000 450,600 248,000 7,500 64,000 464,450 18,000 77,750 624,200 354,400 7,500 30,000 316,900 60,000 $256,900 490,000 (49,000) $530,600 240,500 22,000 $218,500 19,000 9,600 4,000 6,800 39,400 60,000 240,000 339,400 25,000 5,500 2,000 3,600 36,100 200,000 236,100 200,000 403,400 603,400 $942,800 100,000 194,500 294,500 $530,600