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QUESTION 4 Rainforest Corporation reported the following selected amounts on its comparative balance sheet: Current Assets Trading Securities Available-for-Sale Securities 2019 2020 $9,000 $5000 $28,000
QUESTION 4 Rainforest Corporation reported the following selected amounts on its comparative balance sheet: Current Assets Trading Securities Available-for-Sale Securities 2019 2020 $9,000 $5000 $28,000 $14,000 Stockholders' Equity Common Stock ($1 par $58,914 $131,131 Paid-in Capital in Excess of Par $165,712 $210,974 Pald-in Capital - Share Repurchase $9,722 $13,630 Retained Earnings $315,000 $400,000 Accumulated Other Comprehensive Income: Unrealized Gain on Available-for-Sale Securities $39,314 $54,088 The 2020 Income statement of Rainforest Corporation reports: Net Income $235,869 Gain on the sale of Available for Sale Securities $7,018 Additional Information: During 2020, Rainforest Corporation retired 1,000 shares of its common stock. These shares were originally issued for $10 per share. No other stock was retired. There were no treasuy stock transactions and no stock dividends during 2020. All issuances of common stock were in exchange for cash. Determine the amount to be reported on the 2020 Statement of Cash Flows as "Cash Paid to Retire Common Stock
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