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Wildhorse Inc. is a private company reporting under ASPE. The following selected account balances were reported in Wildhorse Inc.s financial statements at year end: 2021
Wildhorse Inc. is a private company reporting under ASPE. The following selected account balances were reported in Wildhorse Inc.s financial statements at year end:
2021 | 2020 | |||
Cash | $ 19,575 | $ 9,050 | ||
Buildings | 856,500 | 746,000 | ||
Equipment | 408,000 | 353,800 | ||
Land | 106,000 | 60,750 | ||
Accumulated depreciationbuildings | 310,500 | 298,250 | ||
Accumulated depreciationequipment | 136,000 | 101,750 | ||
Dividends payable | 6,800 | 3,250 | ||
Mortgage payable | 549,400 | 589,400 | ||
Notes payable | 345,500 | 314,500 | ||
Common shares: 5,510 shares in 2021; 4,110 in 2020 | 544,500 | 415,500 | ||
Retained earnings | 212,000 | 113,000 | ||
Cash dividends declared | 30,500 | 14,400 | ||
Depreciation expensebuildings | 27,250 | 40,550 | ||
Depreciation expenseequipment | 48,055 | 26,200 | ||
Gain on sale of equipment | 1,010 | 0 | ||
Loss on sale of building | 11,700 | 0 | ||
Interest expense | 49,350 | 45,250 |
Additional information: | ||
1. | Purchased $80,500 of equipment for $12,200 cash and a note payable for the remainder. | |
2. | Equipment was also sold during the year. | |
3. | Sold a building that originally cost $55,500. | |
4. | Used cash to purchase land and a building. | |
5. | Mortgage payments and notes payable payments included interest and principal amounts. | |
6. | Common shares were issued for cash. |
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