Cash Accounts receivable Investments Plant assets (net) Land WILDHORSE INC. BALANCE SHEET DECEMBER 31, 2019 $ 24,320 Accounts payable 25,520 Bonds payable 32,000 Common stock 85,320 Retained earnings 44,320 $211,480 $ 34,320 45,320 104,320 27,520 $211,480 During 2020, the following occurred. 1. 2. 3. 4. Wildhorse liquidated its available-for-sale debt investment portfolio at a loss of $9,320. A tract of land was purchased for $42,320. An additional $30,000 in common stock was issued at par. Dividends totaling $14,320 were declared and paid to stockholders. Net income for 2020 was $39,320, including $16,320 in depreciation expense. Land was purchased through the issuance of $34,320 in additional bonds. At December 31, 2020, Cash was $74,520, Accounts Receivable was $46,320, and Accounts Payable was $44,320. 5. 6. 7. X Your answer is incorrect. Compute Wildhorse's free cash flow and current cash debt coverage for 2020. (Round current cash debt coverage to 2 decimal places, e.g. 0.56. Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Free cash flow $ 11840 Current cash debt coverage 39320 :1 For the Year Ended December 31, 2020 Cash Flows from Operating Net Income $ 39320 Adjustments to reconcile net income to Cash Flows from Operating Depreciation Expense 16320 Loss on Sale of Investments 9320 Increase in Accounts Recei -20800 Increase in Accounts Payat 10000 14840 Net Cash Provided by Oper 54160 Cash Flows from Investing Sale of Investments 22680 Purchase of Land -42320 Net Cash Used by Investing -19640 Cash Flows from Financing 30000 Issuance of Common Stock Payment of Cash Dividends -14320 Net Cash Provided by Finar 15680 Noncash Investing and Fina Land purchased through issuance of $ 34320 of bonds eTextbook and Media List of Accounts Your answer is correct. Prepare the unclassified balance sheet as it would appear at December 31, 2020. (List Assets In order of liquidity.) WILDHORSE INC. Balance Sheet December 31, 2020 Assets Cash 74520 Accounts Receivable 46320 Land 120960 Plant Assets 69000 310800 Liabilities and Stockholders' Equity Retained Earnings 52520 $ 310800