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Concord Inc., had the following condensed balance sheet at the end of operations for 2019. CONCORD INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500
Concord Inc., had the following condensed balance sheet at the end of operations for 2019. CONCORD INC. BALANCE SHEET DECEMBER 31, 2019 Cash $8,500 Current liabilities $15,100 Current assets other than cash 29,000 Long-term notes payable 25,600 Equity invesments 20,100 Bonds payable 25,000 Plant assets (net) 66,900 Common stock 75,000 Land 40,000 Retained earnings 23,800 $164,500 $164,500 During 2020, the following occurred. 1. A tract of land was purchased for $9,000. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,400 were paid to stockholders. 5. Net income was $30,600 after allowing depreciation of $13,500. 6. Land was purchased through the issuance of $22,700 in bonds. 7. Concord Inc. sold part of its investment portfolio for $12,700. This transaction resulted in a gain of $2,100 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount.
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