Reference no: EM132124543
Listed below are selected account balances for Pinnacle Corporation at December 31, Year 1 and Year 2. Also available for you is selected information from the income statement for Pinnacle for the year ended December 31, Year 2.
Selected balance sheet accounts: Year 1 Year 2
Assets:
Accounts Receivable $23 $17
Prepaid Salaries 5 8
Prepaid Rent 2 7
Property, Plant & Equipment 215 265
(Accumulated Depreciation) (68) (85)
Investments 20 38
Liabilities & Stockholders'
Equity:
Salaries Payable 11 22
Notes Payable 41 55
Dividends Payable 3 8
Contributed Capital 29 32
Retained Earnings 39 46
Selected income statement information for the year ended December 31, Year 2:
Sales revenue $86
Depreciation 25
Salaries Expense 32
Gain on sale of equipment 11
Loss on sale of investments 6
Net Income 20
Additional information:
1. During Year 2, Property, Plant & Equipment costing $34 was sold for cash.
2. During Year 2, $28 of Notes Payable were issued in exchange for Property, Plant and Equipment. This involves an exchange of Notes Payable for Property, Plant and Equipment.
3. During Year 2, the firm sold Investments for $9 cash.
Required: Determine the correct dollar amounts for each of the following items. Place your answers inthe spaces provided.
WHAT IS THE CASH PAID FOR PROPERTY, PLANT & EQUIPMENT YEAR 2?
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Information from the income statement for pinnacle
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