Financial statements for Bernard Corp. are presented below:

BERNARD CORP.

Statement of Financial Position

January 1, 2020

Assets Liabilities and Equity

Cash .... $ 160,000 Accounts payable..... $ 76,000

Accounts receivable.......................................... 144,000

Buildings and equipment................................... 600,000

Accumulated depreciation

buildings and equipment............................. (200,000) Common shares... 460,000

Patents ..... 72,000 Retained earnings.. 240,000

Total Assets $ 776,000 Total Liabilities &

Shareholders Equity $ 776,000

BERNARD CORP.

Statement of Cash Flows (indirect method)

Year ended December 31, 2020

Cash provided by operating activities

Net income.................................................................................................... $ 200,000

Add back non-cash expenses:

Increase in accounts receivable..................................................... $ (64,000)

Increase in accounts payable...................................................... 32,000

Depreciation expense.................................................................. 60,000

Gain on disposal of equipment...................................................... (24,000)

Amortization of patents............................................................... 8,000 12,000

Cash provided by operating activities.......................................................... 212,000

Cash provided by (used in) investing activities

Sale of equipment................................................................................. 48,000

Purchase of land..................................................................................... (100,000)

Purchase of buildings and equipment...................................................... (192,000)

Cash used by investing activities..................................................................... (244,000)

Cash provided by financing activities

Payment of cash dividends...................................................................... (60,000)

Issuance of common shares.................................................................. 160,000

Cash provided by financing activities............................................................ 100,000

Net increase in cash..................................................................................... 68,000

Cash, January 1, 2020.................................................................................. 160,000

Cash, December 31, 2020............................................................................. $ 228,000

Total assets on the December 31, 2020 statement of financial position were $ 1,108,000. Accumulated depreciation on the equipment sold was $ 56,000.

Record your answer along with the number of the question (Eg. #1= 500,000, #2= 50,000, etc.). You do not have to show your work.

1. When the equipment was sold, the Buildings and Equipment account was credited with __________

2. The book value of the buildings and equipment at December 31, 2020 was ___________

3. The balance in the Accounts Payable account at December 31, 2020 was ____________

4. The balance in the Retained Earnings account at December 31, 2020 was ____________

5. The balance in the Common Shares account at December 31, 2020 was _____________