The December 31, 2018, balance sheet of Whelan, Inc., showedlong-term debt of $1,375,000, $135,000 in the common stock account,and $2,600,000 in the additional paid-in surplus account. TheDecember 31, 2019, balance sheet showed long-term debt of$1,530,000, $145,000 in the common stock account and $2,900,000 inthe additional paid-in surplus account. The 2019 income statementshowed an interest expense of $91,500 and the company paid out$140,000 in cash dividends during 2019. The firm’s net capitalspending for 2019 was $910,000, and the firm reduced its networking capital investment by $120,000. |
