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Ayayai Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,570 Current liabilities $151,570 Land 32,190 Bonds
Ayayai Corporation's balance sheet at the end of 2024 included the following items. Current assets (Cash $82,000) $236,570 Current liabilities $151,570 Land 32,190 Bonds payable 101,570 Buildings 121,570 Common stock 182,190 Equipment 92,190 Retained earnings 46,190 Accum. depr.-buildings (31,570) Total $481,520 Accum, depr-equipment (11,000) Patents 41,570 Total $481,520 The following information is available for 2025. 13 1. Net income was $56,470. 2. 3. Equipment (cost $21,570 and accumulated depreciation $9.570) was sold for $11.570. Depreciation expense was $5,570 on the building and $10,570 on equipment. 4. Patent amortization was $2,500. 5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,570. 6. An addition to the building was completed at a cost of $28,570. 7. A long-term investment in stock was purchased for $16,000. 8. Bonds payable of $52,190 were issued. 9. Cash dividends of $30,000 were declared and paid. 10 10. Treasury stock was purchased at a cost of $11,000.
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