What affect does the bonds information in #4 have on the balance sheet...what should I do with thit. And #10, how would an asset destroyed after the accounting period affect the current balance sheet

T HITHJAL.. Pedully Heading 2 Title Paragraph Styles ACC 2010 Comprehensive Problem #1 (Assessment) Balance Sheet, Schedules and Notes: The following is an alphabetical listing of Leffler Rocks' balance sheet accounts and account balances on December 31, 2016: Accounts Payable $54,200 Income Taxes Payable $19,700 Accounts Receivable x 37,100 Inventory x 85,300 Accumulated Depreciation 109,300 Investment in Affiliatex 30,000 Additional Paid-in Capital on Common Stock 20,000 Long-Term Liabilities (book value) 91,000 Additional Paid-in Capital on Preferred Stock 3,200 Miscellaneous Current Payables 6,800 Allowance for Doubtful Accounts x 1,600 Notes Receivable x 17,000 Bond Sinking Fund X 12,500 Preferred Stock 32,000 Cashx 23,800 296,700 Property, Plant, Equipment 84,600 Common Stock 80,000 Retained Earnings Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, 539,500; buildings, $264,600; store fixtures, $72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, 554,600; store fixtures, $37,400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2021, and have an unamortized bond discount of $2,000; 11%, $48,000 face value bonds that mature on December 31, 2022, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2019 A . . . 21 d 1 Normal 1 No Spac... Heading 1 Heading 2 Title Paragraph Styles 1. The company reports on the balance sheet the net book value of property and equipment and long term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, $39,500; buildings, S264,600; store fixtures, $ 72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, $54,600; store fixtures, $37.400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2021, and have an unamortized bond discount of $2,000, 11%, $48,000 face value bonds that mature on December 31, 2022, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2019 5. The non-interest-bearing note receivable matures on June 1, 2017 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost.x 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, 550,000, 15-vear bonds issued by this affiliate, Jay Company. 8. Common stock has a $10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2016 at a price of $13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2016 at a price of $55 per share, resulting in 640 shares issued at year end. 10. On January 15, 2017, before the December 31, 2016 balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. 11. Net income and dividends declared and paid during the year were $50,500 and $21,000 respectively Required: 1. Prepare Leffler Rocks' December 31, 2016 balance sheet (including appropriate parenthetical notations). 2. Prepare a statement of shareholders' equity for 2016. (Hint: Work back from the ending account balances.) T HITHJAL.. Pedully Heading 2 Title Paragraph Styles ACC 2010 Comprehensive Problem #1 (Assessment) Balance Sheet, Schedules and Notes: The following is an alphabetical listing of Leffler Rocks' balance sheet accounts and account balances on December 31, 2016: Accounts Payable $54,200 Income Taxes Payable $19,700 Accounts Receivable x 37,100 Inventory x 85,300 Accumulated Depreciation 109,300 Investment in Affiliatex 30,000 Additional Paid-in Capital on Common Stock 20,000 Long-Term Liabilities (book value) 91,000 Additional Paid-in Capital on Preferred Stock 3,200 Miscellaneous Current Payables 6,800 Allowance for Doubtful Accounts x 1,600 Notes Receivable x 17,000 Bond Sinking Fund X 12,500 Preferred Stock 32,000 Cashx 23,800 296,700 Property, Plant, Equipment 84,600 Common Stock 80,000 Retained Earnings Additional information: 1. The company reports on the balance sheet the net book value of property and equipment and long term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, 539,500; buildings, $264,600; store fixtures, $72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, 554,600; store fixtures, $37,400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2021, and have an unamortized bond discount of $2,000; 11%, $48,000 face value bonds that mature on December 31, 2022, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2019 A . . . 21 d 1 Normal 1 No Spac... Heading 1 Heading 2 Title Paragraph Styles 1. The company reports on the balance sheet the net book value of property and equipment and long term liabilities (known as control accounts). The related details are disclosed in the notes. 2. The straight-line method is used to depreciate property and equipment based upon cost, estimated residual value, and estimated life. The costs of the assets in this account are: land, $39,500; buildings, S264,600; store fixtures, $ 72,600; and office equipment, $30,000. 3. The accumulated depreciation breakdown is as follows: buildings, $54,600; store fixtures, $37.400; and office equipment, $17,300. 4. The long-term debt includes 12%, $36,000 face value bonds that mature on December 31, 2021, and have an unamortized bond discount of $2,000, 11%, $48,000 face value bonds that mature on December 31, 2022, have a premium on bonds payable of $1,800, and whose retirement is being funded by a bond sinking fund; and a 13% note payable that has a face value of $6,200 and matures on January 1, 2019 5. The non-interest-bearing note receivable matures on June 1, 2017 6. Inventory is listed at lower of cost or market; cost is determined on the basis of average cost.x 7. The investment in affiliate is carried at cost. The company has guaranteed the interest on 12%, 550,000, 15-vear bonds issued by this affiliate, Jay Company. 8. Common stock has a $10 par value per share, 10,000 shares are authorized, and 1,000 shares were issued during 2016 at a price of $13 per share, resulting in 8,000 shares issued at year-end. 9. Preferred stock has a $50 par value per share, 2,000 shares are authorized, and 140 shares were issued during 2016 at a price of $55 per share, resulting in 640 shares issued at year end. 10. On January 15, 2017, before the December 31, 2016 balance sheet was issued, a building with a cost of $20,000 and a book value of $7,000 was totally destroyed. Insurance proceeds will amount to only $5,000. 11. Net income and dividends declared and paid during the year were $50,500 and $21,000 respectively Required: 1. Prepare Leffler Rocks' December 31, 2016 balance sheet (including appropriate parenthetical notations). 2. Prepare a statement of shareholders' equity for 2016. (Hint: Work back from the ending account balances.)