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Brief Exercise 14-33 Worksheet Approach Objective 4 Example 14.8 During 20X2,...

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Accounting

Brief Exercise 14-33 Worksheet Approach
Objective 4 Example 14.8
During 20X2, Evans Company had the following transactions:
a. Cash dividends of $6,000 were paid.
b. Equipment was sold for $2,880. It had an original cost of $10,800 and a book value of $5,400. The loss is included in operating expenses.
c. Land with a fair market value of $15,000 was acquired by issuing common stock with a par value of $3,600.
d. One thousand shares of preferred stock (no par) were sold for $4.20 per share.
Evans provided the following income statement (for 20X2) and comparative balance sheets:
Sales
Cost of goods sold
Gross margin
Operating expenses
Net income
\table[[$147,600
\table[[\table[[Evans Company],[Comparative Balance Sheets],[For the Year Ended December 31,20X1 and 20X2]]],[,20 X 1,20 X 2],[Assets],[Cash,$32,400,$66,600
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