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Bridgeport Corp.s statement of financial position at the end of 2019 included the following items: Current assets $1,255,000 Current liabilities $1,113,100 Land 31,000 Bonds payable

Bridgeport Corp.s statement of financial position at the end of 2019 included the following items:

Current assets

$1,255,000

Current liabilities

$1,113,100

Land

31,000

Bonds payable

1,301,000

Buildings

1,260,000

Common shares

184,000

Equipment

330,000

Retained earnings

175,000

Accumulated depreciationbuildings

(133,000 )

Accumulated depreciationequipment

(11,100 )

Intangible assetspatents

41,200

Total

$2,773,100

Total

$2,773,100

The following information is available for the 2020 fiscal year:

1. Net income was $405,000.
2. Equipment (cost of $22,000 and accumulated depreciation of $8,150) was sold for $11,700.
3. Depreciation expense was $4,110 on the building and $9,100 on equipment.
4. Amortization expense on a patent was $3,030.
5. Current assets other than cash increased by $46,000. Current liabilities increased by $30,000.
6. An addition to a building was completed at a cost of $32,200.
7. An FV-OCI investment in shares was purchased for $21,100 on the last day of the year. This was the first such investment made by Bridgeport in its history.
8. Bonds payable of $75,700 were issued at par.
9.

Cash dividends of $184,000 were declared and paid. Dividends paid are treated as financing activities.

My Question is that the solution has stated the Current Assets are equal to $1,558,490. I can't seem to figure out how they got that. If you could show your work and explain the process and steps: it would be appreciated!

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