Question

The Reigle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding):
Cash and equivalents .......... $ 60,000
Revenues ................ 790,000
Notes payable ............... 51,000
Long-term debt, excluding current portion .. 210,000
Accounts receivable, net .......... 48,000
Provision for income taxes ......... 60,000
Other long-term assets .......... 110,000
Interest expense ............. 55,000
Deferred income tax liability–long-term .... 44,000
Retained earnings ........... 204,000
Income taxes payable .......... 37,000
Cost of sales ............. 470,000
Inventories ............... 36,000
Prepaid expenses ............ 15,000
Common stock (50,000 shares outstanding) ... 25,000
Property, plant, and equipment, at cost ... 580,000
Accounts payable ............ 43,000
Interest income ............. 15,000
Goodwill, patents, and trademarks ...... 75,000
Current portion of long-term debt ....... 16,000
Less: Accumulated depreciation ....... 170,000
Selling and administrative expenses ..... 150,000
Additional paid-in capital ............ ?
Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for Reigle Company. Include the proper amount for additional paid-in capital.



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  • CreatedNovember 19, 2014
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