Presented are accounts from the adjusted trial balance of Montoya, Inc. at December 31, 2020.

Notes receivable is due in 8 months.Additional information:

1. Notes Payable ? Farmers Merchants is due in 6 months.
2. Notes Payable ? Home Savings is an installment note payable in ten annual installments of $160,000 each, with the first installment due next year.
3. Common Stock has a $1 par value, 1,000,000 shares authorized, 200,000 shares issued and outstanding.
4. Preferred Stock has a $10 par value, 100,000 shares authorized, 15,000 shares issued and outstanding.
5. No stock, common or preferred, was issued during the year.
6. Dividends were declared and paid to preferred stockholders

Prepare a classified balance sheet.

Prepare a statement of comprehensive income. Round EPS to 2 decimal places.

Prepare a statement of stockholders? equity.

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1 °H Cash Trading Equity Securities (fair value, $138,000) Fair Value Adjustment Trading Equity Securities Notes Receivablex Accounts Receivable Allowance For Doubtful Accounts Inventory (net realizable value, $72,000) Allowance to Reduce Inventory to NRV Prepaid Expenses Available-for-sale Equity Securities (fair value, $436,000) Fair Value Adjustment- AFS Equity Securities Held-to-maturity Debt Securities (fair value, $184,000) Equipment Accumulated Depreciation Equipment Copyrights (net of accumulated amortization) Land Investments Franchises (net of accumulated amortization) Cash Surrender Value of Life Insurance Policy Goodwill Deferred Income Tax Asset Accounts Payable Accrued Liabilities Income Tax Payable Bonds Payable Discount on Bonds Payable Notes Payable Farmers Merchants Notes Payable Home Savings Common Stock Preferred Stock Pald-in Capital In Excess of Par Common Stock Pald-in Capital In Excess of Par Preferred Stock Accumulated Other Comprehensive Loss Retained Earnings Dividends Sales* Sales Returns and Allowances Sales Discounts Gain on Sale of Securities Gain on Retirement of Bonds Cost of Goods Sold Selling Expenses General and Administrative Expenses Interest Expensex Income Tax Expense Loss due to Decline of Inventory to NRV Loss on Impairment of Goodwill Loss from Flood Damage Restructuring Charge Unrealized Holding Gain Trading Equity Securities Unrealized Holding Loss AFS Equity Securities Deferred Income Tax Benefitx X Debit 360,000 121,000 17,000 446,000 97,000 78,000 87,000 480,000 200,000 1,376,000 780,000 410,000 310,000 93,000 221,000 11,000 24 2 15,000 E E E E 9,000 57,000 239,000 44,000 6,430,000 787,000 1,900,000 548,000 176,000 6,000 43,000 138,000 290,000 44,000 Credit A ¹ ¹ 4,000 6,000 44,000 292,000 22,000 1,600,000 200,000 150,000 저희 400,000 250,000 274,000 10,613,000 112,000 177,000 98,000 1,045,000 388,000 110,000 ¹² H JA H ¹ 17,000 18 미리 ¹ 11,000 15,813,000 15,813,000 H H H 디지 미리 걱정 41 20 미리 20 4 1 °H Cash Trading Equity Securities (fair value, $138,000) Fair Value Adjustment Trading Equity Securities Notes Receivablex Accounts Receivable Allowance For Doubtful Accounts Inventory (net realizable value, $72,000) Allowance to Reduce Inventory to NRV Prepaid Expenses Available-for-sale Equity Securities (fair value, $436,000) Fair Value Adjustment- AFS Equity Securities Held-to-maturity Debt Securities (fair value, $184,000) Equipment Accumulated Depreciation Equipment Copyrights (net of accumulated amortization) Land Investments Franchises (net of accumulated amortization) Cash Surrender Value of Life Insurance Policy Goodwill Deferred Income Tax Asset Accounts Payable Accrued Liabilities Income Tax Payable Bonds Payable Discount on Bonds Payable Notes Payable Farmers Merchants Notes Payable Home Savings Common Stock Preferred Stock Pald-in Capital In Excess of Par Common Stock Pald-in Capital In Excess of Par Preferred Stock Accumulated Other Comprehensive Loss Retained Earnings Dividends Sales* Sales Returns and Allowances Sales Discounts Gain on Sale of Securities Gain on Retirement of Bonds Cost of Goods Sold Selling Expenses General and Administrative Expenses Interest Expensex Income Tax Expense Loss due to Decline of Inventory to NRV Loss on Impairment of Goodwill Loss from Flood Damage Restructuring Charge Unrealized Holding Gain Trading Equity Securities Unrealized Holding Loss AFS Equity Securities Deferred Income Tax Benefitx X Debit 360,000 121,000 17,000 446,000 97,000 78,000 87,000 480,000 200,000 1,376,000 780,000 410,000 310,000 93,000 221,000 11,000 24 2 15,000 E E E E 9,000 57,000 239,000 44,000 6,430,000 787,000 1,900,000 548,000 176,000 6,000 43,000 138,000 290,000 44,000 Credit A ¹ ¹ 4,000 6,000 44,000 292,000 22,000 1,600,000 200,000 150,000 저희 400,000 250,000 274,000 10,613,000 112,000 177,000 98,000 1,045,000 388,000 110,000 ¹² H JA H ¹ 17,000 18 미리 ¹ 11,000 15,813,000 15,813,000 H H H 디지 미리 걱정 41 20 미리 20 4

Answer rating: 100% (QA)

Comprehensive income statement for Montoya Inc for the period ended on december 31st 2020 Particulars Amount Amount Particulars Amount Amount Cost of ... View the full answer