Question: Please write the solution clearly because sometimes not all the solved numbers appear The following comparative balance sheets 2019 & 2020 and additional information for
The following comparative balance sheets 2019 & 2020 and additional information for "National Company are given Assets Dec 31 Dec. 31. 2020 2019 Cash $156,000 $26.000 Accounts Receivable 52,000 48,000 Inventory and supplies 30,000 58,000 Investments 0 36.000 Machines 114 000 104.000 Accumulated depreciation Machines (28,000) (20.000) Total Assets $324.000 $252.000 Liabilities & Stockholders' Equity Note payable Bonds payable (long-term) Common Stock Retained Earnings Total Liabilities & Stockholders Equity $ 74,000 74.000 80,000 96.000 $324,000 $ 54 000 94000 44,000 50.000 $252.000 Income Statement & Additional information 1 Net income for the current year ending December 31 2020 is $58.000 2 Sold investments for cash cost $36.000 and resulting in $8,000 gain 3. The only changes affecting retained eamings are net income and cash dividends paid 4. All the following transactions are in cash Purchased new machines, repay bonds payable and issuance common stock Reavited
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