70.2K

Verified Solution

Link Copied!

Marin Corporation's balance sheet at the end of 2019 included the following items. Current liabilities Current assets (Cash $82,000) Land Buildings Equipment Accum. depr.-buildings Accum. depr.-equipment Patents $236,440 31,130 121,440 91,130 (31,440 ) (11,000 ) 41,440 $479,140 Bonds payable Common stock Retained earnings Total $151,440 101,440 181,130 45,130 $479,140 Total The following information is available for 2020. 1. 2. Net income was $57,680. Equipment (cost $21,440 and accumulated depreciation $9,440) was sold for $11,440. Depreciation expense was $5,440 on the building and $10,440 on equipment. Patent amortization was $2,500. 3. 4. The following information is available for 2020. 1. 2. 3. 4. 5. Net income was $57,680. Equipment (cost $21,440 and accumulated depreciation $9,440) was sold for $11,440. Depreciation expense was $5,440 on the building and $10,440 on equipment. Patent amortization was $2,500. Current assets other than cash increased by $29,000. Current liabilities increased by $14,440. An addition to the building was completed at a cost of $28,440. A long-term investment in stock was purchased for $16,000. Bonds payable of $51,130 were issued. Cash dividends of $30,000 were declared and paid. Treasury stock was purchased at a cost of $11,000. 6. 7. 8. 9. 10. Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.) MARIN CORPORATION Balance Sheet December 31, 2020 Assets Current Assets ta $

Answer & Explanation Solved by verified expert

See Answer