Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is a condensed version of the comparative balance sheets for Indigo Corporation for the last two years at December 31. Cash Accounts receivable
The following is a condensed version of the comparative balance sheets for Indigo Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Current liabilities Common stock Retained earnings 2025 $292,050 297.000 85,800 491,700 (174,900) 221.100 264,000 506.550 $128,700 305.250 122,100 396,000 (146,850) 249.150 264.000 292,050 Additional information: Investments were sold at a loss of $16,500; no equipment was sold; cash dividends paid were $49,500; and net income was $264,000. 
The following is a condensed version of the comparative halance sheets for Indigo Corporation for the last two years at December 31 . Aloitional iniormst: Imentmenti were wold at o los of 516.590, no equipment was sold enhididends paid were $49.500; and net income war 5264.000. (a) -15.000 or in perentheali es (15,000iy)
The following is a condensed version of the comparative balance sheets for Indigo Corporation for the last two years at December 31.
Cash
Accounts receivable
Investments
Equipment
Accumulated depreciation-equipment
Current liabilities
Common stock
Retained earnings
2025
$292,050
297.000
85,800
491,700
(174,900)
221.100
264,000
506.550
$128,700
305.250
122,100
396,000
(146,850)
249.150
264.000
292,050
Additional information:
Investments were sold at a loss of $16,500; no equipment was sold; cash dividends paid were $49,500; and net income was $264,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started