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Whispering Winds Inc. had the following statement of financial position at the end of operations for 2019: WHISPERING WINDS INC. Statement of Financial Position
Whispering Winds Inc. had the following statement of financial position at the end of operations for 2019: WHISPERING WINDS INC. Statement of Financial Position December 31, 2019 Cash $20,000 Accounts payable $30,000 Accounts receivable: 21,200 Bonds payable 41,000 FV-NI investments 32,000 Common shares 100,000 Equipment (net) 81.000 Retained earnings 23,200 Land 40.000 $194,200 $194,200 During 2020, the following occurred: 1. Whispering Winds liquidated its FV-NI investments portfolio at a loss of $9,000. 2. A parcel of land was purchased for $41,000. 3. An additional $48.000 worth of common shares was issued. 4. Dividends totalling $14,000 were declared and paid to shareholders. 5. Net income for 2020 was $50,800, including $12,000 in depreciation expense. 6. Land was purchased through the issuance of $60,000 in additional bonds.
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