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Bridgeport Corporation's balance sheet at the end of 2019 included the following items. Current assets...

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Accounting

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Bridgeport Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $82,000) $236,180 Current liabilities $151,180 Land 31,180 101,180 Bonds payable Common stock Buildings 121,180 181,180 Equipment 91,180 Retained earnings 45,180 Accum.depr.-buildings (31,180) Total $478,720 Accum.depr.-equipment (11,000) Patents 41,180 Total $478,720 The following information is available for 2020. 1. Net income was $54,150. Equipment (cost $21,180 and accumulated depreciation $9,180) was sold for $11,180. 2. 3. 4. 5. 6. Depreciation expense was $5,180 on the building and $10,180 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,180. An addition to the building was completed at a cost of $28,180. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,180 were issued. Cash dividends of $30,000 were declared and paid. 7. 8. 9. 10. Treasury stock was purchased at a cost of $11,000. BRIDGEPORT CORPORATION Statement of Cash Flows Adjustments to reconcile net income to . DOOMOO HOODO

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