BRIDGEPORT INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2020 AND 2019 December 31 Debit...

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BRIDGEPORT INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $42,400 $34,000 Accounts Receivable 69,800 60,300 Inventory 29,700 23,800 Equity investments 22,300 38,100 Machinery 29,700 19,000 Buildings 67,500 56,400 Land 7,600 7,600 $269,000 $239,200 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation-Machinery 5,600 2,300 Accumulated Depreciation-Buildings 13,500 9,100 Accounts Payable 35,100 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 21,000 30,700 Common Stock, no-par 150,000 125,000 Retained Earnings 38,300 43,200 $269,000 $239,200 Additional data (ignoring taxes): 1. Net income for the year was $41,300. 2. Cash dividends declared and paid during the year were $21,200. 3. 4. 5. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized. Equity investments (level of ownership is less than 20%) that cost $24,700 were sold during the year for $28,500. No unrealized gains and losses were recorded on these investments in 2020. Machinery that cost $3,700, on which $750 of depreciation had accumulated, was sold for $2,150. BRIDGEPORT INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $42,400 $34,000 Accounts Receivable 69,800 60,300 Inventory 29,700 23,800 Equity investments 22,300 38,100 Machinery 29,700 19,000 Buildings 67,500 56,400 Land 7,600 7,600 $269,000 $239,200 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated Depreciation-Machinery 5,600 2,300 Accumulated Depreciation-Buildings 13,500 9,100 Accounts Payable 35,100 24,800 Accrued Payables 3,300 2,600 Long-Term Notes Payable 21,000 30,700 Common Stock, no-par 150,000 125,000 Retained Earnings 38,300 43,200 $269,000 $239,200 Additional data (ignoring taxes): 1. Net income for the year was $41,300. 2. Cash dividends declared and paid during the year were $21,200. 3. 4. 5. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized. Equity investments (level of ownership is less than 20%) that cost $24,700 were sold during the year for $28,500. No unrealized gains and losses were recorded on these investments in 2020. Machinery that cost $3,700, on which $750 of depreciation had accumulated, was sold for $2,150.