Problem 4-2 Preparation of a statement of cash flows and a balance sheet (L04-1, LO4-5, LO4-7) Kay Wing, Inc. prepared the following balance sheet at December 31, 20X0. Kay Wing, Inc. Balance Sheet as of December 31, 2exe Cash Accounts receivable Inventory Long-term investments Land Plant and equipment (net) Total assets Accounts payable Taxes payable Bonds payable Capital stock Retained earnings Total liabilities and stockholders' equity $ 65,000 37,eee 79. eae 20, eee 39,800 199,000 $340, eee $ 33,00 4,00 80, eee 90,00 133, eee $340, eee The following occurred during 20x1. 1. A $35.000 note payable was issued. 2. Land was purchased for $50.000. 3. Bonds payable (maturing in 20x5) in the amount of $30.000 were retired by paying $30.000 cash. 4. Capital stock in the amount of $40,000 was issued at par value. 5. The company sold surplus equipment for $14,000. The equipment had a book value of $14.000 at the time of the sale. 6. Net income was $35.500. 7. Cash dividends of $5,000 were paid to the stockholders. 8.100 shares of stock of another company (considered short-term investments) were purchased for $8,300. 9. $75,000 in bonds were issued. The next day, the proceeds were used to purchase a new building. 10. $12,000 of depreciation was recorded on the plant and equipment. 11. At December 31, 20X1, Cash was $93,200. Accounts receivable had a balance of $41.500. Inventory had increased to $73.000, and Accounts payable had fallen to $25.500. Long-term investments and Taxes payable were unchanged from 20x0. Required: Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31, 20x1, balance sheet for Kay Wing, Inc. Kay Wing, Inc Balance Sheet December 31, 20X1 Accounts receivable Cash Land Long-term investments Plant and equipment (net OOOOO IS 0 Total assets Accounts payable Bonds payable Capital stock Notes payable Retained earnings Taxes payable OOOOOO Total liabilities and stockholders' equity $ 0