Answer Happy

The comparative balance sheets for Pina Colada Corp. as of December 31 are as follows. Pina Colada Corp. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $57.900 $50.000 Accounts receivable 43,000 62.000 Inventory 152,000 143.400 Prepaid expenses 13.900 21.500 Land 144.400 131,300 Buildings 197.400 197,400 (33,100) Accumulated depreciation-buildings (57,800) 228.400 156,300 (44,200) (36,700) $735,000 $692.100 Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock $1 par Retained earnings $46,500 $39,700 260,000 260,000 193.100 160.000 235,400 232,400 Total $735,000 $692.100 Additional information: 1. . 2. 3. Operating expenses include depreciation expense of $42,000 ($24,700 of depreciation expense for buildings and $17,300 for equipment). Land was sold for cash at book value. Cash dividends of $42,700 were paid. Net income for 2022 was $45,700. Equipment was purchased for $94,000 cash. In addition, equipment costing $21.900 with a book value of $12,100 was sold for $5,800 cash 4. . 5. 6. 33,100 shares of $1 par value common stock were issued in exchange for land with a fair value of $33.100.
Pina Colada Corp. Statement of Cash Flows Adjustments to reconcile net income to < $ < ✓ V <
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