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Instructions: Complete the each of following seven tabs in this MS Excel Workbook using the information contained in them: - Post the Journal Entries (to record the transactions of FirstRate Company during the final week of its fiscal year ended [FYE] Dec. 31, 20X5) to the consolidated Trial Balance of the company as of December 31, 20X5 - Consolidated Balance Sheet of the company as of December 31, 20X5 - Consolidated Income Statement, including comprehensive income, of the company for its FYE December 31, 20X5 - Statement of Cash Flows (SCF) Support Schedule, which provides information useful for preparing the SCF - Consolidated Statement of Cash Flows (SCF) of the company for its FYE December 31, 20X5 - Consolidated Statement of Changes in Shareholders' Equity of the company for its FYE December 31, 20X5 Complete the assignment by working "from left to right." That is, first, complete the Trial Balance, followed by the Balance Sheet, then the Income Statemet tab, etc. The background paper, Financial Statement Concepts and Financial Reporting, provides useful guidance for completing this The facilitator will grade this assignment, assigning up to 100 points for it as follows: Maximum - Trial Balance 15 - Balance sheet 20 - Income Statement 20 - Cash Flow Statement (SCF) and SCF Support Schedule 30 - Statement of Changes in Stockholders' Equity 15 Total points 100 Earned points - FirstRate Company and subsidiaries General Journal (U.S. dollars in thousands) (Assumes company does NOT use special journals, such as sales journal, purchases journal, cash journal, or payroll journal) Date General ledger accounts / Explanation Debit Credit Dec. 31, 20X5 Dr. Accounts receivable, gross Cr. 800 Sales revenue (gross) 800 Explanation: To record credit sales for the last few days of 20X5 Dec. 31, 20X5 Dr. Cost of goods sold (COGS) - other Cr. 600 Inventory, at lower of cost or market 600 Explanation: To record cost of sales for the last few days of 20X5 Dec. 31, 20X5 Dr. Cash and cash equivalents Cr. 700 Accounts receivable, gross 700 Explanation: To record collections of accounts receivables for the last week of 20X5 Dec. 31, 20X5 Dr. Allowance for uncollectible accounts receivable Cr. 200 Accounts receivable, gross 200 Explanation: To record write-off of AR outstanding more than 6 months as of Dec. 28, 20X5 Dec. 31, 20X5 Dr. Selling and administrative expenses - other Cr. 200 Cash and cash equivalents 200 Explanation: To record payment of employee 20X5 bonuses, declared by board on Dec. 28, 20X5 Dec. 31, 20X5 Dr. Inventory, at lower of cost or market Cr. 500 Accounts payable 500 Explanation: To record purchases of raw materials during last week of 20X5 on credit (terms net 30 days) Total debits and credits 3,000 3,000 FirstRate Company and subsidiaries Ta (p is, W Trial Balance Fiscal Year 20X5 (U.S. dollars in thousands) JEs Final Week of 20X5 FYE Dec. 31, 20X4 FYTD Dec. 24, 20X5 Debit 2,100 600 600 Investment securities available for sale (market value) Debit 20,200 21,700 21,700 78,000 94,600 General ledger (GL) account Cash and cash equivalents Accounts receivable, gross Debit Allowance for uncollectible accounts receivable Credit Inventory, at lower of cost or market Debit Property, plant, and equipment, at cost Debits FYE Dec. 31, 20X5 (Credits) 94,600 (2,700) (3,800) (3,800) 137,600 160,100 160,100 Debit 292,500 266,700 266,700 Accumulated depreciation on PP&E Credit (129,700) (105,200) (105,200) Accounts payable Credit (81,600) (96,700) (96,700) Accrued income taxes payable Credit (2,300) (1,800) (1,800) Dividends payable on common stock Credit (19,800) (16,000) (16,000) Bank note payable - current portion Credit (89,800) (113,900) (113,900) Bank note payable - noncurrent portion Credit (52,700) (55,400) (55,400) Accrued interest payable Credit (2,500) (3,100) (3,100) 6% Preferred stock, at par value Credit (20,000) (20,000) (20,000) Common stock, at par value Credit (42,700) (42,700) (42,700) Additional paid-in capital (APIC) Credit (8,300) (8,300) (8,300) Treasury stock Debit 1,100 1,100 1,100 200 (1,300) (1,300) (79,600) (79,600) Accum. other comprehensive income (loss) Dr (Cr) Retained earnings - beginning of year Credit (82,500) Dividends declared on preferred stock - current year Debit 1,200 1,200 1,200 Dividends declared on common stock - current year Debit 19,800 16,000 16,000 Sales revenue (gross) Credit (674,200) (742,300) (742,300) Sales returns and allowances Debit 12,800 16,300 16,300 Cost of goods sold (COGS) - depreciation Debit 11,400 10,000 10,000 Cost of goods sold (COGS) - other Debit 469,400 523,600 523,600 Selling and administrative expenses - depreciation Debit 600 500 500 Selling and administrative expenses - other Debit 109,200 122,900 122,900 Research and development (R&D) expenses Debit 23,800 24,000 24,000 Other operating expenses Debit 9,900 12,300 12,300 Gain on disposal of PP&E Credit - (1,100) (1,100) Loss on disposal of PP&E Debit - - - Interest on bank note Debit 9,900 12,500 12,500 Income tax provision Debit 9,100 7,100 7,100 Loss from discontinued oper., (before tax effect) Debit - - - Extraordinary loss (before tax effect) Debit - - - - - - (18,100) (14,200) - Total debits (credits) Net balance of nominal (or, temporary) accounts - - FirstRate Company and subsidiaries Consolidated Balance Sheet December 31, 20X5 (U.S. dollars in thousands) Assets: Current assets: Replace this text with an appropriate asset label Total current assets Property, plant, and equipment, net Total assets Liabilities: Current liabilities: Total current liabilities Bank note payable - noncurrent portion Total liabilities Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity $ 600 FirstRate Company and subsidiaries Consolidated Income Statement Fiscal year ended December 31, 20X5 (U.S. dollars in thousands, except per share amounts) Sales revenue (net of returns and allowances) Operating expenses: Other operating expenses Total operating expenses Operating income Non-operating items: Non-operating revenues and gains: Non-operating expense and losses: Interest on bank note Income before income taxes Net income Earnings per share: Net income Weighted average number of common shares outsta Comprehensive income: Net income Other comprehensive income: Comprehensive income ### FirstRate Company and subsidiaries Consolidated SCF Support Schedules (NOT for inclusion in U.S. GAAP-GPFS) Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) December 31, Working capital assets: Accounts receivable, net of allowance 20X5 20X4 Increase (decrease) $ 90,900 $ 75,300 $ 15,600 $ 90,900 $ 75,300 $ 15,600 Use of cash Inventory, at lower of cost or market Working capital liabilities: Accounts payable Accrued income taxes payable Source of cash Accrued interest payable Net working capital Net use of cash Non-working capital asset accounts Property, plant, and equipment (PP&E), at cost Balance at beginning of period, reported in December 31, 20X4 balance sheet $ Increase: Acquisitions of PP&E during 20X5 292,500 9,200 Decrease: Original cost of equipment sold in 20X5 (fully depreciated at date of disposal) (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 266,700 $ 129,700 Accumulated depreciation (of PP&E) Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: Depreciation of PP&E for 20X5 10,500 Decrease: Accumulated depreciation on equipment sold in 20X5 (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 105,200 $ 19,800 Non-working capital liability accounts Dividends payable on common stock Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: Dividends declared on common stock on December 15, 20X5 Decrease: Dividends paid during FYE December 31, 20X5 (19,800) Balance at end of period, reported in December 31, 20X5 balance sheet Bank note payable Balance at beg. of period, reported in Dec. 31, 20X4 balance sheet Increase: Additional borrowings during 20X5 ("plugged" from remaining info Current portion 89,800 Non-current portion 52,700 Total 142,500 (142,500) Decrease: None (FirstRate made no repayments during 20X5) - Balance at end of period, reported in Dec. 31, 20X5 balance sheet - Stockholders' equity accounts Preferred stock, par value $100 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 20,000 Increase: None - Decrease: None (20,000) Balance at end of period, reported in December 31, 20X5 balance sheet Common stock, par value $1 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 42,700 Increase: NO shares issued in 20X5, at par value Decrease: NA - see Treasury Stock, below Balance at end of period, reported in December 31, 20X5 balance sheet (42,700) Additional paid-in capital (APIC) Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: NO shares issued in 20X5 Decrease: None (not applicable) 8,300 (8,300) Balance at end of period, reported in December 31, 20X5 balance sheet Treasury stock Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: NO shares repurchased in 20X5 Decrease: None (NO treasury shares re-sold in 20X5) 1,100 (1,100) - Balance at end of period, reported in December 31, 20X5 balance sheet Retained earnings Balance at beginning of period, reported in December 31, 20X4 balance sheet 79,600 Increase: Net income for FYE December 31, 20X5, as reported in the income statement 14,200 Decrease: Preferred dividends declared (and paid) in 20X5 Decrease: Common stock dividends declared (refer to analysis of dividends payable, above) Balance at end of period, reported in December 31, 20X5 balance sheet (17,200) 76,600 Determination of Supplemental Disclosures of Interest and Income Taxes Paid Accrued interest payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,500 Increase: Interest on bank note, as reported in the income statement Decrease: Interest paid during 20X5 (inferred, or "plugged," from remaining info) (2,500) Balance at end of period, reported in December 31, 20X5 balance sheet Accrued income taxes payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,300 Increase: Income tax provision (i.e., income tax expense) reported in the income statement: Decrease: Income taxes paid during 20X5 (inferred, or "plugged," from remaining info) Balance at end of period, reported in December 31, 20X5 balance sheet (2,300) FirstRate Company and subsidiaries Consolidated Statement of Cash Flows Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) Net income Adjustments to reconcile net income to cash flows provided by operating activities: Depreciation of property, plant, and equipment Gain on disposal of equipment Loss on sale of equipment Changes in working capital accounts: Decrease (increase) in accounts receivable, net Decrease (increase) in inventory Increase (decrease) in accounts payable Increase (decrease) in accrued income taxes payable Increase (decrease) in accrued interest payable Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds on sale of equipment Acquisitions of property, plant, and equipment Net cash provided by (used in) investing activities Cash flows from financing activities: Net proceeds from issuance of common stock Repurchases of common stock Redemption of preferred stock Payment of dividends on preferred stock Payment of dividends on common stock Proceeds from borrowings under bank note agreement Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, January 1, 20X5 Cash and cash equivalents, December 31, 20X5 Supplemental disclosures: FirstRate Company and subsidiaries Statement of Changes in Stockholders' Equity Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) Accum. other Total Additiona comprehe stockhold Preferred Common l paid-in Treasury nsive Retained ers' stock stock capital stock income earnings equity Balance at January 1, 20X5 $ - $ - Preferred stock redeemed Common stock issued Common stock repurchased Net income Other comprehensive income (loss) Dividends on common stock Dividends on preferred stock Balance at December 31, 20X5 Instructions: Complete the each of following seven tabs in this MS Excel Workbook using the information contained in them: - Post the Journal Entries (to record the transactions of FirstRate Company during the final week of its fiscal year ended [FYE] Dec. 31, 20X5) to the consolidated Trial Balance of the company as of December 31, 20X5 - Consolidated Balance Sheet of the company as of December 31, 20X5 - Consolidated Income Statement, including comprehensive income, of the company for its FYE December 31, 20X5 - Statement of Cash Flows (SCF) Support Schedule, which provides information useful for preparing the SCF - Consolidated Statement of Cash Flows (SCF) of the company for its FYE December 31, 20X5 - Consolidated Statement of Changes in Shareholders' Equity of the company for its FYE December 31, 20X5 Complete the assignment by working "from left to right." That is, first, complete the Trial Balance, followed by the Balance Sheet, then the Income Statemet tab, etc. The background paper, Financial Statement Concepts and Financial Reporting, provides useful guidance for completing this The facilitator will grade this assignment, assigning up to 100 points for it as follows: Maximum - Trial Balance 15 - Balance sheet 20 - Income Statement 20 - Cash Flow Statement (SCF) and SCF Support Schedule 30 - Statement of Changes in Stockholders' Equity 15 Total points 100 Earned points - FirstRate Company and subsidiaries General Journal (U.S. dollars in thousands) (Assumes company does NOT use special journals, such as sales journal, purchases journal, cash journal, or payroll journal) Date General ledger accounts / Explanation Debit Credit Dec. 31, 20X5 Dr. Accounts receivable, gross Cr. 800 Sales revenue (gross) 800 Explanation: To record credit sales for the last few days of 20X5 Dec. 31, 20X5 Dr. Cost of goods sold (COGS) - other Cr. 600 Inventory, at lower of cost or market 600 Explanation: To record cost of sales for the last few days of 20X5 Dec. 31, 20X5 Dr. Cash and cash equivalents Cr. 700 Accounts receivable, gross 700 Explanation: To record collections of accounts receivables for the last week of 20X5 Dec. 31, 20X5 Dr. Allowance for uncollectible accounts receivable Cr. 200 Accounts receivable, gross 200 Explanation: To record write-off of AR outstanding more than 6 months as of Dec. 28, 20X5 Dec. 31, 20X5 Dr. Selling and administrative expenses - other Cr. 200 Cash and cash equivalents 200 Explanation: To record payment of employee 20X5 bonuses, declared by board on Dec. 28, 20X5 Dec. 31, 20X5 Dr. Inventory, at lower of cost or market Cr. 500 Accounts payable 500 Explanation: To record purchases of raw materials during last week of 20X5 on credit (terms net 30 days) Total debits and credits 3,000 3,000 FirstRate Company and subsidiaries Ta (p is, W Trial Balance Fiscal Year 20X5 (U.S. dollars in thousands) FYE Dec. 31, 20X4 FYTD Dec. 24, 20X5 Debit 2,100 600 Investment securities available for sale (market value) Debit 20,200 21,700 78,000 94,600 General ledger (GL) account Cash and cash equivalents JEs Final Week of 20X5 Debits (Credits) 500 FYE Dec. 31, 20X5 1,100 21,700 (100) Accounts receivable, gross Debit Allowance for uncollectible accounts receivable Credit Inventory, at lower of cost or market Debit 137,600 160,100 Property, plant, and equipment, at cost Debit 292,500 266,700 266,700 Accumulated depreciation on PP&E Credit (129,700) (105,200) (105,200) Accounts payable Credit (81,600) (96,700) Accrued income taxes payable Credit (2,300) (1,800) (1,800) Dividends payable on common stock Credit (19,800) (16,000) (16,000) Bank note payable - current portion Credit (89,800) (113,900) (113,900) Bank note payable - noncurrent portion Credit (52,700) (55,400) (55,400) Accrued interest payable Credit (2,500) (3,100) (3,100) 6% Preferred stock, at par value Credit (20,000) (20,000) (20,000) Common stock, at par value Credit (42,700) (42,700) (42,700) Additional paid-in capital (APIC) Credit (8,300) (8,300) (8,300) Treasury stock Debit 1,100 1,100 1,100 200 (1,300) (1,300) (79,600) (79,600) 94,500 (2,700) (3,800) 200 (100) (3,600) 160,000 (500) (97,200) Accum. other comprehensive income (loss) Dr (Cr) Retained earnings - beginning of year Credit (82,500) Dividends declared on preferred stock - current year Debit 1,200 1,200 1,200 Dividends declared on common stock - current year Debit 19,800 16,000 16,000 Sales revenue (gross) Credit (674,200) Sales returns and allowances Debit 12,800 16,300 16,300 Cost of goods sold (COGS) - depreciation Debit 11,400 10,000 10,000 Cost of goods sold (COGS) - other Debit 469,400 523,600 Selling and administrative expenses - depreciation Debit 600 500 Selling and administrative expenses - other Debit 109,200 122,900 Research and development (R&D) expenses Debit 23,800 24,000 24,000 Other operating expenses Debit 9,900 12,300 12,300 Gain on disposal of PP&E Credit - (1,100) (1,100) Loss on disposal of PP&E Debit - - - Interest on bank note Debit 9,900 12,500 12,500 Income tax provision Debit 9,100 7,100 7,100 Loss from discontinued oper., (before tax effect) Debit - - - Extraordinary loss (before tax effect) Debit - - - - - 1,100 (18,100) (14,200) 800 Total debits (credits) Net balance of nominal (or, temporary) accounts (742,300) (800) 600 (743,100) 524,200 500 200 123,100 (1,100) - FirstRate Company and subsidiaries Consolidated Balance Sheet December 31, 20X5 (U.S. dollars in thousands) Assets: Current assets: Cash and cash equivalents $ 1,100 Investment securities available for sale (market value) 21,700 Accounts receivable, gross 94,500 Less: Allowance (3,600) Inventory, at lower of cost or market 160,000 Total current assets 273,700 Property, plant, and equipment, at cost 266,700 Accumulated depreciation on PP&E (105,200) Property, plant, and equipment, net 161,500 Total assets $ 435,200 Liabilities: Current liabilities: Accounts payable $ 97,200 Accrued income taxes payable $ 1,800 Dividends payable on common stock $ 16,000 Bank note payable - current portion $ 113,900 Accrued interest payable Total current liabilities Bank note payable - noncurrent portion Total liabilities 3,100 232,000 55,400 287,400 Stockholders' equity: 6% Preferred stock, at par value 20,000 Common stock, at par value 42,700 Additional paid-in capital (APIC) Treasury stock Accum. other comprehensive income (loss) Retained earnings - beginning of year Total stockholders' equity Total liabilities and stockholders' equity 8,300 (1,100) 1,300 76,600 147,800 $ 435,200 FirstRate Company and subsidiaries Consolidated Income Statement Fiscal year ended December 31, 20X5 (U.S. dollars in thousands, except per share amounts) Sales revenue (net of returns and allowances) $ 726,800 Cost of goods sold (534,200) Gross Profit 192,600 Operating expenses: Selling and administrative 123,600 Research and development (R&D) expenses 24,000 Other operating expenses 12,300 Total operating expenses 159,900 Operating income 32,700 Non-operating items: Non-operating revenues and gains: Gain on disposal of PP&E 1,100 Non-operating expense and losses: Interest on bank note 12,500 Income before income taxes 21,300 Income tax Net income 7,100 $ 14,200 Earnings per share: Net income ### Weighted average number of common shares outsta ### Comprehensive income: Net income ### Other comprehensive income: Comprehensive income $ 14,200 FirstRate Company and subsidiaries Consolidated SCF Support Schedules (NOT for inclusion in U.S. GAAP-GPFS) Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) December 31, Working capital assets: Accounts receivable, net of allowance 20X5 $ Inventory, at lower of cost or market 90,900 20X4 $ 75,300 Increase (decrease) $ 15,600 160,000 137,600 22,400 Use of cash Working capital liabilities: Accounts payable (81,600) (97,200) (15,600) Accrued income taxes payable (2,300) (1,800) 500 Accrued interest payable (2,500) (3,100) Net working capital $ 337,300 $ 315,000 (600) Source of cash $ 53,700 Net use of cash Non-working capital asset accounts Property, plant, and equipment (PP&E), at cost Balance at beginning of period, reported in December 31, 20X4 balance sheet $ Increase: Acquisitions of PP&E during 20X5 292,500 9,200 Decrease: Original cost of equipment sold in 20X5 (fully depreciated at date of disposal) (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 266,700 $ 129,700 Accumulated depreciation (of PP&E) Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: Depreciation of PP&E for 20X5 10,500 Decrease: Accumulated depreciation on equipment sold in 20X5 (35,000) Balance at end of period, reported in December 31, 20X5 balance sheet $ 105,200 $ 19,800 Non-working capital liability accounts Dividends payable on common stock Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: Dividends declared on common stock on December 15, 20X5 1,200 Decrease: Dividends paid during FYE December 31, 20X5 (21,000) Balance at end of period, reported in December 31, 20X5 balance sheet Bank note payable Balance at beg. of period, reported in Dec. 31, 20X4 balance sheet Increase: Additional borrowings during 20X5 ("plugged" from remaining info Current portion 89,800 Non-current portion 52,700 Total 142,500 (142,500) Decrease: None (FirstRate made no repayments during 20X5) - Balance at end of period, reported in Dec. 31, 20X5 balance sheet - Stockholders' equity accounts Preferred stock, par value $100 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 20,000 Increase: None - Decrease: None (20,000) Balance at end of period, reported in December 31, 20X5 balance sheet Common stock, par value $1 per share Balance at beginning of period, reported in December 31, 20X4 balance sheet 42,700 Increase: NO shares issued in 20X5, at par value Decrease: NA - see Treasury Stock, below Balance at end of period, reported in December 31, 20X5 balance sheet (42,700) Additional paid-in capital (APIC) Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: NO shares issued in 20X5 Decrease: None (not applicable) 8,300 (8,300) Balance at end of period, reported in December 31, 20X5 balance sheet Treasury stock Balance at beginning of period, reported in December 31, 20X4 balance sheet Increase: NO shares repurchased in 20X5 Decrease: None (NO treasury shares re-sold in 20X5) 1,100 (1,100) - Balance at end of period, reported in December 31, 20X5 balance sheet Retained earnings Balance at beginning of period, reported in December 31, 20X4 balance sheet 79,600 Increase: Net income for FYE December 31, 20X5, as reported in the income statement 14,200 Decrease: Preferred dividends declared (and paid) in 20X5 Decrease: Common stock dividends declared (refer to analysis of dividends payable, above) Balance at end of period, reported in December 31, 20X5 balance sheet (17,200) 76,600 Determination of Supplemental Disclosures of Interest and Income Taxes Paid Accrued interest payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,500 Increase: Interest on bank note, as reported in the income statement Decrease: Interest paid during 20X5 (inferred, or "plugged," from remaining info) (2,500) Balance at end of period, reported in December 31, 20X5 balance sheet Accrued income taxes payable Balance at beginning of period, reported in December 31, 20X4 balance sheet 2,300 Increase: Income tax provision (i.e., income tax expense) reported in the income statement: Decrease: Income taxes paid during 20X5 (inferred, or "plugged," from remaining info) Balance at end of period, reported in December 31, 20X5 balance sheet (2,300) FirstRate Company and subsidiaries Consolidated Statement of Cash Flows Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) Net income $ 14,200 Adjustments to reconcile net income to cash flows provided by operating activities: Depreciation of property, plant, and equipment 24,500 Gain on disposal of equipment 1,100 Loss on sale of equipment - Changes in working capital accounts: Decrease (increase) in accounts receivable, net (16,500) Decrease (increase) in inventory 22,400 Increase (decrease) in accounts payable 15,100 Increase (decrease) in accrued income taxes payable (500) Increase (decrease) in accrued interest payable 600 Net cash provided by (used in) operating activities 18,700 Cash flows from investing activities: Proceeds on sale of equipment 35,000 Acquisitions of property, plant, and equipment (9,200) Net cash provided by (used in) investing activities 25,800 Cash flows from financing activities: Net proceeds from issuance of common stock - Repurchases of common stock - Redemption of preferred stock - Payment of dividends on preferred stock (1,200) Payment of dividends on common stock (16,000) Proceeds from borrowings under bank note agreement (26,300) Net cash provided by (used in) financing activities (43,500) Net increase (decrease) in cash and cash equivalents 1,000 Cash and cash equivalents, January 1, 20X5 2,100 Cash and cash equivalents, December 31, 20X5 Supplemental disclosures: $ 1,100 FirstRate Company and subsidiaries Statement of Changes in Stockholders' Equity Fiscal year ended December 31, 20X5 (U.S. dollars in thousands) Accum. other Total Additiona comprehe stockhold Preferred Common l paid-in Treasury nsive Retained ers' stock stock capital stock income earnings equity Balance at January 1, 20X5 Preferred stock redeemed Common stock issued Common stock repurchased $ 20,000 $ 42,700 $ 8,300 $ 1,100 $ - 79,600 - $ 151,700 - - - - - Net income Other comprehensive income (loss) $ 14,200 14,200 - - Dividends on common stock 1,200 (1,200) Dividends on preferred stock 16,000 (16,000) Balance at December 31, 20X5 $ 148,700