Aero Inc. had the following balance sheet at December 31, 2011.
|
AERO INC. |
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|
Cash |
$ 23,570 |
Accounts payable |
$ 33,570 |
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|
Accounts receivable |
24,770 |
Bonds payable |
44,570 |
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|
Investments |
32,000 |
Common stock |
103,570 |
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|
Plant assets (net) |
84,570 |
Retained earnings |
26,770 |
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|
Land |
43,570 |
$208,480 |
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|
$208,480 |
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During 2012, the following occurred.
|
1. |
Aero liquidated its available-for-sale investment portfolio at a loss of $8,570. |
|
|
2. |
A tract of land was purchased for $41,570. |
|
|
3. |
An additional $30,000 in common stock was issued at par. |
|
|
4. |
Dividends totaling $13,570 were declared and paid to stockholders. |
|
|
5. |
Net income for 2012 was $38,570, including $15,570 in depreciation expense. |
|
|
6. |
Land was purchased through the issuance of $33,570 in additional bonds. |
|
|
7. |
At December 31, 2012, Cash was $73,770, Accounts Receivable was $45,570, and Accounts Payable was $43,570. |
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