Question: pleaseee answer me quickllyyyyy The following comparative balance sheets 2019 & 2020 and additional information for National Company are given Dec. 31. Dec 31, Assets
The following comparative balance sheets 2019 & 2020 and additional information for "National Company are given Dec. 31. Dec 31, Assets 2020 2019 Cash $152,000 $44,000 Accounts Receivable 48,000 42,000 Inventory and supplies 28,000 38,000 Investments 0 36,000 Machines 114,000 104,000 Accumulated depreciation- (28,000) (20,000) Machines Total Assets $314,000 $244,000 Liabilities & Stockholders' Equity Note payable Bonds payable (long-term) Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $74,000 64,000 80,000 96.000 $314,000 $54,000 86,000 44,000 60,000 $244,000 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 $6,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid 4. All the following transactions are in cash Purchased new machines, tepay bonds payable, and issuance common stock
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