Completion Status: 1 2 3 4 S 10 11 12 13 14 15 Assets Dec. 31, Dec. 31, 2020 2019 Cash $312,000 $52,000 Accounts Receivable 104,000 96,000 Inventory and supplies 60,000 116,000 Investments 0 72,000 Machines 228,000 208,000 Accumulated depreciation (56,000) (40,000) Machines Total Assets $648,000 $504,000 Liabilities & Stockholders' Equity Note payable 148,000 108,000 Bonds payable (long-term) 148,000 188,000 Common Stock 160,000 88,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders' $648.000 $504,000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000 2 Sold investments for cash, cost $72,000 and resulting in $12,000 gain 3. The only changes affecting retained eamings are net income and cash dividends paid 4. All the following transactions are in cash Purchased new machines, repay bonds payable, and issuance common stock Required Question Completion Status: 1 2 10 11 12 13 14 15 Moving to another question will save this response. Question 6 The total number of stock that a corporation's charter allows it to issue is referred to as OA Preferred stock OB. Authorized Stock Oc. Outstanding stock OD. Issued stock A Moving to another question will save this response 57 minutes, 21 seconds. A Question Completion Status: 1 2 3 5 8 9 10 11 12 13 14 15 Moving to another question will save this response. Question 7 Treasury stock is classified as OA. A contra asset account OB. An asset account. OCA contra equity account OD.A liability account Moving to another question will save this response Question Completion Status: 1 2 10 11 12 13 14 15 Moving to another question will save this response. Question 8 Preferred stockholders have the following rights EXCEPT: OA. a stated dividend rate OB. the right to sell their stock on the market. OC voting rights OD. the priority over common stock in dividend distribution