Long Island Business Institute Accounting/Business Department March 2019- A track Instructor:J. W ACC202 Intermediate Project Dice Corp's consolidated balance sheet accounts as below of December 31, Year 6 and Year 5, are presented Assets 31-Dec Cash Year 5 Year 6 S 195,000 $ 100,000 300,000 Current investments Accounts receivable (net) 510,000 Inventory 480,000 600,000 680,000 15,000 Prepaid expenses 20,000 Equity method investment Plant assets Accumulated depreciation 300,000 215,000 1,730,000 1,000,000 (480,000) (450,000) Goodwill 90,000100,000 Total assets S 3,225,000 $2,180,000 Liabilities and Equity s 825,000 720,000 Accounts payable 10,000 30,000 15,000 Interest payable Income tax payable 20,000 Current debt 325,000 300,000 Deferred taxes 250,000 700,000 Common stock, $10 par 800,000 250,000 370,000 Additional paid-in capital 170,000 620,000 Retained earnings $ 3,225,000 $2,180,000 Total liabilities and equity Information relating to Year 6 activities is as follows: Cash dividends of $240,000 were declared and paid by Dice in Year 6. The accounts receivable balances at the beginning and end of Year 6 were net of allowances t bad debts of $50,000 and $60,000, respectively. Dice wrote off $40,000 of bad debts during Year * Current investments consist of Treasury bills maturing on 6/30/Year 7. They were acquired for cash on December 31, Year 6. 6. Equipment costing $400,000 and having a carrying amount of $14,000 was sold on January 1, Year 6, for S150,000 in cash. Additional plant assets were purchased in Year 6 for cash. .Dice accounts for its interest in Thrice Corp. under the equity method. Its equity in Thrice's Year 6 earnings was $25,000. During Year 6, Dice received a $10,000 cash dividend from Thrice. At the end of Year 6, Dice sold part of its investment in Thrice for $135,000 in cash. Significant influence over Thrice was not lost as a result of the sale. The provision for Year 6 income taxes was $210,000. 10,000 shares of common stock were issued in Year 6 for $22 a share. Long Island Business Institute Accounting/Business Department March 2019- A track Instructor:J. W ACC202 Intermediate Project Dice Corp's consolidated balance sheet accounts as below of December 31, Year 6 and Year 5, are presented Assets 31-Dec Cash Year 5 Year 6 S 195,000 $ 100,000 300,000 Current investments Accounts receivable (net) 510,000 Inventory 480,000 600,000 680,000 15,000 Prepaid expenses 20,000 Equity method investment Plant assets Accumulated depreciation 300,000 215,000 1,730,000 1,000,000 (480,000) (450,000) Goodwill 90,000100,000 Total assets S 3,225,000 $2,180,000 Liabilities and Equity s 825,000 720,000 Accounts payable 10,000 30,000 15,000 Interest payable Income tax payable 20,000 Current debt 325,000 300,000 Deferred taxes 250,000 700,000 Common stock, $10 par 800,000 250,000 370,000 Additional paid-in capital 170,000 620,000 Retained earnings $ 3,225,000 $2,180,000 Total liabilities and equity Information relating to Year 6 activities is as follows: Cash dividends of $240,000 were declared and paid by Dice in Year 6. The accounts receivable balances at the beginning and end of Year 6 were net of allowances t bad debts of $50,000 and $60,000, respectively. Dice wrote off $40,000 of bad debts during Year * Current investments consist of Treasury bills maturing on 6/30/Year 7. They were acquired for cash on December 31, Year 6. 6. Equipment costing $400,000 and having a carrying amount of $14,000 was sold on January 1, Year 6, for S150,000 in cash. Additional plant assets were purchased in Year 6 for cash. .Dice accounts for its interest in Thrice Corp. under the equity method. Its equity in Thrice's Year 6 earnings was $25,000. During Year 6, Dice received a $10,000 cash dividend from Thrice. At the end of Year 6, Dice sold part of its investment in Thrice for $135,000 in cash. Significant influence over Thrice was not lost as a result of the sale. The provision for Year 6 income taxes was $210,000. 10,000 shares of common stock were issued in Year 6 for $22 a share