Splish Corporation’s balance sheet at the end of 2016 included the following items.
| Current assets (Cash $82,000) | $236,330 | Current liabilities | $151,330 | | Land | 31,550 | Bonds payable | 101,330 | | Buildings | 121,330 | Common stock | 181,550 | | Equipment | 91,550 | Retained earnings | 45,550 | | Accum. depr.-buildings | (31,330 | ) | Total | $479,760 | | Accum. depr.-equipment | (11,000 | ) | | Patents | 41,330 | | | Total | $479,760 | |
The following information is available for 2017.
| 1. | Net income was $55,120. | | 2. | Equipment (cost $21,330 and accumulated depreciation $9,330) was sold for $11,330. | | 3. | Depreciation expense was $5,330 on the building and $10,330 on equipment. | | 4. | Patent amortization was $2,500. | | 5. | Current assets other than cash increased by $29,000. Current liabilities increased by $14,330. | | 6. | An addition to the building was completed at a cost of $28,330. | | 7. | A long-term investment (Equity) in stock was purchased for $16,000. | | 8. | Bonds payable of $51,550 were issued. | | 9. | Cash dividends of $30,000 were declared and paid. | | 10. | Treasury stock was purchased at a cost of $11,000. |
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Solution: ASU ACC 340 Splish Corporation’s balance sheet at the end