Exercise 23-17 (Part Level Submission)

Sage Inc., had the following condensed balance sheet at the end of operations for 2019.

SAGE INC. BALANCE SHEET DECEMBER 31, 2019
Cash		$8,400		Current liabilities		$15,000
Current assets other than cash		29,200		Long-term notes payable		25,500
Equity invesments		19,800		Bonds payable		25,000
Plant assets (net)		66,900		Common stock		75,000
Land		40,100		Retained earnings		23,900
		$164,400				$164,400

During 2020, the following occurred.

1.		A tract of land was purchased for $8,900.
2.		Bonds payable in the amount of $15,000 were redeemed at par.
3.		An additional $10,000 in common stock was issued at par.
4.		Dividends totaling $9,400 were paid to stockholders.
5.		Net income was $29,900 after allowing depreciation of $13,600.
6.		Land was purchased through the issuance of $22,600 in bonds.
7.		Sage Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 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.

b. Prepare the condensed balance sheet for jobim inc. as it would appear at december 31 2020