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Illini Company, Inc. Balance Sheet as of 12/31/20X0

Current Assets:

Cash $1,500,000

Accounts receivable, net 18,000

Inventory 50,000

Total current assets 1,568,000

Equipment 90,000

Goodwill 20,000

Total assets $1,678,000

Liabilities and shareholders' equity

Shareholders' equity:

Common stock, 20,000 shares outstanding, $1 par $20,000

Additional paid-in capital 280,000

Retained earnings 1,378,000

Total shareholders' equity 1,678,000

Total liabilities and shareholders' equity $1,678,000

THAT IS ONLY ONE INFORMATION THAT WAS NOT GIVEN BEFORE. Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options and APIC-treasury stock), if any, are tracked in the Additional paid-in capital account on the Balance Sheet.

Please enter answers for blank journal items in the following Balance Sheet and Income Statement for 20X1 and 20X2. Note that for the purpose of preparing the Balance Sheet at the end of each year:

For investments, you need to classify whether they are current assets (i.e., short-term investment) or non-current assets (i.e., long-term investment);

For bonds, you need to determine what portion of the bonds payable is current liability and what portion is non-current liability. Current portion of the bonds payable is the principal payment portion of the cash interest payments in the next year. Non-current portion is the remaining amount of the bonds payable; and

For leases (as the lessee), you need to determine what portion of the lease obligation is current liability and what portion is non-current liability. Current portion of the lease obligation is the principal payment portion of the cash lease payment in the next year (i.e., the amortization amount of the lease obligation in the next year). Non-current portion is the remaining amount of the lease liability.

Assets	12/31/20X1	12/31/20X2
Current Assets:
Cash	$1,336,056	$1,922,356
Short-term investment	[A]	[B]
Accounts receivable, net of allowance	34,150	67,800
Interest Receivable	9,636	6,999
Prepaid insurance	6,000	0
Inventory	310,000	50,000
Total current assets	1,733,841	2,047,155
Long-term investment	[C]	[D]
PPE, net	142,300	57,500
ROU assets, net	137,076	101,345
Investment in lease	[E]	[F]
Brand asset	0	16,000
Goodwill	[G]	[H]
Total assets	[I]	[J]
Liabilities and shareholders equity Current liabilities:
Wage payable	[K]	[L]
Unearned revenue	0	50,000
Estimated warranty liability	11,000	6,000
Accrued interest	12,704	9,445
Current portion of long-term bonds	[M]	[N]
Current portion of lease obligation	[O]	[P]
Total current liabilities	66,786	121,609
Non-current portion of long-term bonds	[Q]	[R]
Non-current portion of lease obligation	[S]	[T]
Pension liability	2,000	9,800
Total liabilities	286,437	236,341
Shareholders equity:
Common stock	[U]	[V]
Additional paid-in capital common stock	280,000	316,600
Preferred stock	100,000	100,000
Treasury stock	[W]	[X]
Retained earnings	[Y]	[Z]
Accumulated other comprehensive income	[i]	[ii]
Total shareholders' equity	1,919,138	2,070,652
Total liabilities and shareholders' equity	$2,205,575	$2,306,992

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