90.2K

Verified Solution

Link Copied!

The following information is taken from Green Lake Corporation's financial statements.

Green Lake adheres to ASPE:

December $31$

$20232022$

Cash $.................................................................................................$ $ $112,000$ $ $27,000$

Accounts receivable $.........................................................................95,00080,000$

Allowance for expected credit losses $...............................................(4,500)(3,100)$

Inventory $..........................................................................................145,000175,000$

Prepaid expenses $............................................................................7,5006,800$

Land $.................................................................................................83,00060,000$

Buildings........................................................................................... $287,000244,000$

Accumulated depreciation $................................................................(35,000)(13,000)$

Patents, net of accumulated amortization $........................................20,00035,000$

Total Assets $.....................................................................................$ $$710,000$ $$611,700$

Accounts payable $.............................................................................$ $ $90,000$ $ $84,000$

Accrued liabilities $.............................................................................54,00063,000$

Bonds payable $.................................................................................125,00060,000$

Common shares $...............................................................................100,000100,000$

Retained earnings $............................................................................356,000312,700$

Treasury shares, at cost$...................................................................(15,000)(8,000)$

Total Liabilities & Shareholders$$ Equity $............................................$ $$700,000$ $$611,700$

For $2023$ Year

Net income $.......................................................................................$ $$63,300$

Depreciation expense

Answer & Explanation Solved by verified expert

See Answer