Question
These items are taken from the financial statements ofBlossomLtd. at December 31, 2021: Accounts payable $19,050 Accounts receivable 18,780 Accumulated depreciationbuildings 48,600 Accumulated depreciationequipment 19,470
These items are taken from the financial statements ofBlossomLtd. at December 31, 2021:
Accounts payable $19,050
Accounts receivable 18,780
Accumulated depreciationbuildings 48,600
Accumulated depreciationequipment 19,470
Buildings 131,800
Cash 22,040
Common shares 138,000
Equipment 64,100
Income tax expense 5,000
Interest expense 4,000
Interest payable 2,100
Land 192,770
Long-term investments 26,970
Mortgage payable 102,000
Operating expenses 156,680
Prepaid insurance 1,400
Retained earnings, January 1 114,520
Service revenue 181,040
Supplies 1,240
Calculate net income and the ending balance of retained earnings at December 31, 2021.
Net income$_______________
Retained Earnings$ _________________________
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