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Business, 17.09.2021 23:00 klysse123

Grant Wood Corporation’s balance sheet at the end of 2016 included the following items. Current assets (cash $82,000) $235,000 Current liabilities $150,000Land 30,000 Bonds payable 100,000Buildings 120,000 Common stock 180,000Equipment 90,000 Retained earnings 44,000Accumulated Dep – buildings (30,000) Total $474,000Accumulated dep – equipment (11,000)Patents 40,000Total $474,000The following information is available for 2017.1. Net income was $55,000.2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000.3. Depreciation expense was $4,000 on the building and $9,000 on equipment.4. Patent amortization was $2,500.5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.6. An addition to building was completed at a cost of $27,000.7. A long-term investment in stock was purchased for $16,000.8. Bonds payable of $50,000 were issued.9. Cash dividends of $30,000 were declared and paid.10. Treasury stock was purchased at a cost of $11,000.Instructions (show only totals for current assets and current liabilities). (a) Prepare a statement of cash flow for 2017 (b) Prepare a balance sheet at December 31, 2017.

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