Can you solve problem 18 chapter 2 in Hospitality Industry Managerial Accounting 8th edition by Raymond S. Schmidgall.

80 Chapter 2 The Molehill Condensed Balance Sheets December 31, 20X1 and 20X2 20X2 20X1 8,000 22,500 20,000 320,000 (59,000) $ 311,500 10,000 26,500 10,000 200,000 (20,000) $ 226,500 Cash Accounts receivable Investments Equipment Accumulated depreciation Total Assets Current liabilities Accounts payable Mortgage payable (current) Dividends payable Noncurrent liabilities: 21,000 22,000 18,000 5,000 5,000 8,000 110,000 70,000 80,500 75,000 50,000 73,500 Mortgage payable Common stock Retained earnings Total Liabilities and Owner's Equity 311,500 $ 226,500 Additional information regarding activities for 20X2: Equipment costing $20,000 and fully depreciated (to $0) was sold for $5,000. a. Long-term investments costing $10,000 were sold for $12,000. b. Common stock was sold and long-term debt was borrowed during 20X2. There were no noncash financing or investing activities during 20X2. c. Income before gain on the sale of equipment and investments for 20X2 totaled $15,000. The firm's average and marginal tax rates are 15 perent and 20 percent, respectively d. Assume all current liabilities are paid on a timely basis. e. f. Assume retained earnings is affected only by net earnings and dividends declared. Required: Answer the following questions. 1. What was the change in cash during 20X2? What amount of investments were purchased during 20X2? 2. What was the total cost of equipment purchases during 20X2? 3. What was the net book value of fixed assets at the beginning of 20X2? 4. 5, What was the amount of the mortgage payment, excluding interest expense, durng 20X2? 6. What were the net earnings for 20X2? 7.What were the amount of dividends declared during 20x23 8. What were the amount of dividends paid during 20X2