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ANSWER NEEDED ASAP pls I only have 10 mins! Question completion Status: Cash Accounts Receivable Inventory Prepaid Insurance Land, Buildings, and Equipment Accumulated Depreciation Year
ANSWER NEEDED ASAP pls I only have 10 mins!
Question completion Status: Cash Accounts Receivable Inventory Prepaid Insurance Land, Buildings, and Equipment Accumulated Depreciation Year 2 $96,719 100,000 206,250 1.875 1,562,500 (762,500) Year 1 $28,694 85,313 181,250 2,500 1,406,250 (715,000) Investments Total Assets 19,375 106.250 $1,224,219 $1.095,256 Accounts Payable Salaries Payable Notes Payable $95,425 25,000 31,250 $185,838 30,625 93,750 Bonds Payable Common Stock 250,000 375,000 375,000 Retained Earings 447 544 410,044 $1,224,219 $1.095,256 Additional information for Year 2 (1) Sold available for sale securities costing $86,875 for $93,500. (2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 (3) Issued 8% bonds at face value for $250,000. (4) Purchased new equipment for $181,250 and paid cash. (5) Paid cash dividends of $25,000. (6) Net income was $62,500. What is the gain on sale of investments ? 092500 86875 5625 6625 Step by Step Solution
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