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Bonita Inc. had the following balance sheet at December 31, 2019. BONITA INC. BALANCE SHEET DECEMBER 31, 2019 Cash $20,990 Accounts payable $30,990 Accounts
Bonita Inc. had the following balance sheet at December 31, 2019. BONITA INC. BALANCE SHEET DECEMBER 31, 2019 Cash $20,990 Accounts payable $30,990 Accounts receivable 22,190 Notes payable (long-term) 41,990 Investments 32,990 Common stock 100,990 Plant assets (net) 81,000 Retained earnings 24.190 Land 40,990 $198,160 $198,160 During 2020, the following occurred. 1. Bonita Inc. sold part of its debt investment portfolio for $15,071. This transaction resulted in a gain of $3,471 for the firm. The company classifies these investments as available-for-sale. Long-term notes payable in the amount of $16,071 were retired before maturity by paying $16,071 cash. 2. A tract of land was purchased for $13,990 cash. 3. 4. 5. An additional $20,071 in common stock was issued at par. Dividends of $8,271 were declared and paid to stockholders.
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