Question
The following is a condensed version of the comparative balance sheets for Ivanhoe Corporation for the last two years at December 31. 2020 2019
The following is a condensed version of the comparative balance sheets for Ivanhoe Corporation for the last two years at December 31. 2020 2019 Cash Accounts receivable $354,000 $156,000 360,000 370,000 Investments 104,000 148,000 Equipment 596,000 480,000 Accumulated Depreciation Equipment (212,000) (178,000) Current liabilities 268,000 302.000 Common stock 320,000 320.000 Retained earnings 614,000 354,000 Additional information: Investments were sold at a loss of $20,000; no equipment was sold; cash dividends paid were $60,000; and net income was $320,000.
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