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The Boondock Corporation reported the following balance sheet data for 2022 and 2021: 2022 77,375 $ 2021 22,955 Cash Available-for sale securities (not cash equivalents)
The Boondock Corporation reported the following balance sheet data for 2022 and 2021: 2022 77,375 $ 2021 22,955 Cash Available-for sale securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets 15,500 80,000 165,000 1,500 1,250,000 (610,000) 979,375 $ 85,000 68,250 145,000 2,000 1,125,000 (572,000) 876,205 148,670 24,500 75,000 Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity $ 76,340 20,000 25,000 200,000 300,000 358,035 979,375 $ 300,000 328,035 876,205 Additional information for 2022: 1. Sold available for sale securities costing $69,500 for $74,000. 2. Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. 3. Issued 6% bonds payable at face value, $200,000. 4. Purchased new equipment for $145,000 cash. 5. Paid cash dividends of $20,000. 6. Net income was $50,000 The Boondock Corporation reported the following balance sheet data for 2022 and 2021: 2022 77,375 $ 2021 22,955 Cash Available-for sale securities (not cash equivalents) Accounts receivable Inventory Prepaid insurance Land, buildings, and equipment Accumulated depreciation Total assets 15,500 80,000 165,000 1,500 1,250,000 (610,000) 979,375 $ 85,000 68,250 145,000 2,000 1,125,000 (572,000) 876,205 148,670 24,500 75,000 Accounts payable Salaries payable Notes payable (current) Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity $ 76,340 20,000 25,000 200,000 300,000 358,035 979,375 $ 300,000 328,035 876,205 Additional information for 2022: 1. Sold available for sale securities costing $69,500 for $74,000. 2. Equipment costing $20,000 with a book value of $5,000 was sold for $6,000. 3. Issued 6% bonds payable at face value, $200,000. 4. Purchased new equipment for $145,000 cash. 5. Paid cash dividends of $20,000. 6. Net income was $50,000
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