Question
Ivanhoe Corporation's balance sheet at the end of 2016 included the following items. Current assets (Cash $82,000)$236,890Current liabilities$151,890Land31,420Bonds payable101,890Buildings121,890Common stock181,420Equipment91,420Retained earnings45,420Accum. depr.-buildings(31,890)Total$480,620Accum. depr.-equipment(11,000)Patents41,890Total$480,620 The following
Ivanhoe Corporation's balance sheet at the end of 2016 included the following items.
Current assets (Cash $82,000)$236,890Current liabilities$151,890Land31,420Bonds payable101,890Buildings121,890Common stock181,420Equipment91,420Retained earnings45,420Accum. depr.-buildings(31,890)Total$480,620Accum. depr.-equipment(11,000)Patents41,890Total$480,620
The following information is available for 2017.
1.Net income was $54,200.2.Equipment (cost $21,890and accumulated depreciation $9,890) was sold for $11,890.3.Depreciation expense was $5,890on the building and $10,890on equipment.4.Patent amortization was $2,500.5.Current assets other than cash increased by $29,000. Current liabilities increased by $14,890.6.An addition to the building was completed at a cost of $28,890.7.A long-term investment (Equity) in stock was purchased for $16,000.8.Bonds payable of $51,420were issued.9.Cash dividends of $30,000were declared and paid.10.Treasury stock was purchased at a cost of $11,000.
make abalance sheet at December 31, 2017. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)
Please show work. Thank you.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started