Net income for 2018 was $94,570 There were no gains or losses reported on the income statement Cash dividends of $42,540 were declared and paid Bonds payable accounting to $52,000 were redeemed for cash $52,000 The bonds were originally issued at face value Common shares were issued for $44,100 cash, no land was purchased during 2018 and no equipment was disposed of during 2018 SWIFTY CORPORATION Statement of Financial Position December 31 Assets 2018 2017 Cash $67,350 $22,550 Accounts receivable 84,820 76,800 Inventory 165,520 184 480 Land 83,110 107,340 Equipment 257,700 196,700 Accumulated depreciation equipment (63,880 (29,480 $594 620 $558,390 Liabilities and Shareholders' Equity Accounts payable $36,800 $44,790 Bonds payable 160,000 212 000 Common shares 216,790 172,600 Retained earnings 181,030 129 000 $594,620 $558,390

Question

Net income for 2018 was $94,570  There were no gains or losses reported on the income statement  Cash dividends of $42,540 were declared and paid  Bonds payable accounting to $52,000 were redeemed for cash $52,000  The bonds were originally issued at face value  Common shares were issued for $44,100 cash, no land was purchased during 2018 and no equipment was disposed of during 2018  SWIFTY CORPORATION Statement of Financial Position December 31 Assets 2018 2017 Cash $67,350 $22,550 Accounts receivable 84,820 76,800 Inventory 165,520 184 480 Land 83,110 107,340 Equipment 257,700 196,700 Accumulated depreciation   equipment (63,880 (29,480 $594 620 $558,390 Liabilities and Shareholders' Equity Accounts payable $36,800 $44,790 Bonds payable 160,000 212 000 Common shares 216,790 172,600 Retained earnings 181,030 129 000 $594,620 $558,390

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Net income for 2018 was $94,570. There were no gains or losses reported on the income statement. Cash dividends of $42,540 were declared and paid.

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