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Presented below is a partially completed balance sheet for Baldin, Inc., at December 31, 2020, together with comparative data for the year ended December 31,
Presented below is a partially completed balance sheet for Baldin, Inc., at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the Statement of Cash Flows for the year ended December 31, 2020, you determine that: . . Net income for the year ended December 31, 2020, was $106,000. Dividends paid during the year ended December 31, 2020, were $42,000. Accounts receivable increased $14,000 during the year ended December 31, 2020. The cost of new buildings acquired during 2020, was $85,000. No buildings were disposed of during 2020. The land account was not affected by any transactions during the year, but the fair value of the land at December 31, 2020, is $210,000. . BALDIN, INC. Balance Sheets December 31, 2020, and 2019 Assets 2020 2019 $ 29,000 167,000 $ Current assets: Cash Accounts receivable Inventory Total current assets Land Buildings Less: Accumulated depreciation Total land and buildings Total assets $ 33,000 112,000 184,000 $ 329,000 145,000 340,000 (165,000) 320,000 $ 649,000 (185,000) $ $ 135,000 Liabilities Current liabilities: Note payable Accounts payable Total current liabilities Long-term debt Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 119,000 207,000 $ 326,000 86,000 $ 309,000 $ 80,000 70,000 167,000 $ 237,000 $ 649,000 $ $ Required: (a.) Complete the December 31, 2020, balance sheet. (b.) Prepare a statement of cash flows for the year ended December 31, 2020
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