Equipment $378,000 Land and Buildings $500,000 Total Fixed Assets $878,000 Total $1,489,000 Current Liabilities $78,000 Notes Payable Accounts. Payable Other Current Liabilities Total current liabilities $165,000 $51,000 $294,000 Long-term Liab. (issued July 1, 2017) $250,000 Stockholders Equity Common Stock $700,000 Retained Earnings $245,000 mpus Learn Current Assets Cash Accts. Rec. Inventories Fixed Assets Equipment Land and Buildings Total Fixed Assets Total Balance Sheet TnT $ TnT $ Current Liabilities 155,000 Notes Payable 78,000 171,000 Accts. Payable 165,000 285,000 Other Current Liab. 51,000 611,000 294,000 Long-term Liab. (issued July 1, 2017) 250,000 $378,000 Stockholders Equity $500,000 Common Stock $700,000 $878,000 Retained Earnings $1,489,000 Total $245,000 $1,489,000 Other Information: 1. Equipment costing $340,000 was acquired July 1, 2017, and 38,000 was acquired June 30, 2019. Depreciation for the period was as follows: 2. Equipment Equipment -2017 acquisitions -2019 acquisitions 66,000 6,000 The beginning inventory was $310,000 acquired during the last quarter of 2018. The inventory is valued on a FIFO basis. Purchases and the ending inventory were acquired evenly throughout the period. 3. Dividends were paid by the subsidiary on June 30 amounting to $156,000. 4. Sales were made and all expenses were incurred uniformly throughout the year. Sales Vilma-C Corporation Statement of Income and Retained Earnings For the year ended December 31, 2019 TnT$ $ 650,000 Cost of Goods Sold -$ 290,000 Gross profit Depreciation $ 360,000 -$ 72,000 Selling and Admin. Expenses -$ 155,000 $ Income before interest and taxes $ 133,000 Income Taxes -$ 26,600 Net Income $ 106,400 Net Income $ 106,400 Current Assets Cash Vilma-C Corporation Balance Sheet $155,000 Accts. Rec. $171,000 Inventories $285,000 Total current assets $611,000 Fixed Assets Equipment $378,000