The following are Concord Corp's comparative balance sheet accounts at December 31, 2025 and 2024, with...
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The following are Concord Corp's comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $807,000 $704,100 $102,900 Accounts receivable 1,131,500 1,163,600 (32,100) Inventory 1,844,100 1,714,200 129,900 Property, plant, and equipment 3,283,200 2,951,900 331,300 Accumulated depreciation (1,159,200) (1,041,000) (118,200) Investment in Myers Co. 309,600 273,200 36,400 Loan receivable 250,900 250,900 Total assets $6,467,100 $5,766,000 $701,100 Accounts payable $1,012,100 $956,200 $55,900 Income taxes payable 30,100 49,700 (19,600) Dividends payable 79,600 99,300 (19,700) Lease liability 391,600 391,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,495,400 1,495,400 Retained earnings 2,958,300 2,665,400 292,900 Total liabilities and stockholders' equity $6,467,100 $5,766,000 $701,100 Additional information: 1. 2. 3. 4. On December 31, 2024, Concord acquired 25% of Myers Co.'s common stock for $273,200. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,800. Myers reported income of $145,600 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Concord loaned $290,900 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $40,000, plus interest at 10%, on December 31, 2025. On January 2, 2025, Concord sold equipment costing $60,300, with a carrying amount of $38,100, for $40,400 cash. On December 31, 2025, Concord entered into a capital lease for an office building. The present value of the annual rental payments is $391,600, which equals the fair value of the building. Concord made the first rental payment of $60,500 when due on January 2, 2026. 5. Net income for 2025 was $372,500. 6. Concord declared and paid the following cash dividends for 2025 and 2024. 2025 2024 Declared December 15, 2025 December 15, 2024 Paid February 28, 2026 February 28, 2025 Amount $79,600 $99,300 Prepare a statement of cash flows for Concord Corp. for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD CORP. Statement of Cash Flows Adjustments to reconcile net income to > > $ $ The following are Concord Corp's comparative balance sheet accounts at December 31, 2025 and 2024, with a column showing the increase (decrease) from 2024 to 2025. Comparative Balance Sheets 2025 2024 Increase (Decrease) Cash $807,000 $704,100 $102,900 Accounts receivable 1,131,500 1,163,600 (32,100) Inventory 1,844,100 1,714,200 129,900 Property, plant, and equipment 3,283,200 2,951,900 331,300 Accumulated depreciation (1,159,200) (1,041,000) (118,200) Investment in Myers Co. 309,600 273,200 36,400 Loan receivable 250,900 250,900 Total assets $6,467,100 $5,766,000 $701,100 Accounts payable $1,012,100 $956,200 $55,900 Income taxes payable 30,100 49,700 (19,600) Dividends payable 79,600 99,300 (19,700) Lease liability 391,600 391,600 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,495,400 1,495,400 Retained earnings 2,958,300 2,665,400 292,900 Total liabilities and stockholders' equity $6,467,100 $5,766,000 $701,100 Additional information: 1. 2. 3. 4. On December 31, 2024, Concord acquired 25% of Myers Co.'s common stock for $273,200. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,092,800. Myers reported income of $145,600 for the year ended December 31, 2025. No dividend was paid on Myers's common stock during the year. During 2025, Concord loaned $290,900 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $40,000, plus interest at 10%, on December 31, 2025. On January 2, 2025, Concord sold equipment costing $60,300, with a carrying amount of $38,100, for $40,400 cash. On December 31, 2025, Concord entered into a capital lease for an office building. The present value of the annual rental payments is $391,600, which equals the fair value of the building. Concord made the first rental payment of $60,500 when due on January 2, 2026. 5. Net income for 2025 was $372,500. 6. Concord declared and paid the following cash dividends for 2025 and 2024. 2025 2024 Declared December 15, 2025 December 15, 2024 Paid February 28, 2026 February 28, 2025 Amount $79,600 $99,300 Prepare a statement of cash flows for Concord Corp. for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CONCORD CORP. Statement of Cash Flows Adjustments to reconcile net income to > > $ $
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