Dec. 31, 20Y2Dec. 31, 20Y1AssetsCash$300,600$337,800Accounts receivable (net)704,400609,600Inventories918,600865,800Prepaid expenses18,60026,400Land990,0001,386,000Buildings1,980,000 990,000Accumulated depreciationbuildings(397,200)(366,000)Equipment 660,600529,800Accumulated depreciationequipment(133,200)(162,000)Total assets$5,042,400$4,217,400Liabilities and Stockholders' EquityAccounts payable$

Fantastic news! We've Found the answer you've been seeking!

Question:

Dec. 31, 20Y2Dec. 31, 20Y1AssetsCash$300,600$337,800Accounts receivable (net)704,400609,600Inventories918,600865,800Prepaid expenses18,60026,400Land990,0001,386,000Buildings1,980,000 990,000Accumulated depreciation—buildings(397,200)(366,000)Equipment 660,600529,800Accumulated depreciation—equipment(133,200)(162,000)Total assets$5,042,400$4,217,400Liabilities and Stockholders' EquityAccounts payable$ 594,000$ 631,200Income taxes payable 26,40021,600Bonds payable330,0000Common stock, $20 par320,000180,000Paid-in capital in excess of par950,000810,000Retained earnings2,822,0002,574,600Total liabilities and stockholders' equity$5,042,400$4,217,400The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:ACCOUNTLandACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2BalanceRealized $456,000 cash from sale120Jan.Apr.1,386,000990,000396,000ACCOUNTBuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2BalanceAcquired for cash120Jan.Apr.990,0001,980,000990,000ACCOUNTAccumulated Depreciation—BuildingsACCOUNT NO.BalanceDateItemDebitCreditDebitCredit20Y2BalanceDepreciation for year131Jan.Dec.366,000397,200