Reference no: EM132644905
Question - These items are taken from the financial statements of Blossom Ltd. at December 31, 2021:
Accounts payable $19,050
Accounts receivable 18,780
Accumulated depreciation-buildings 48,600
Accumulated depreciation-equipment 19,470
Buildings 131,800
Cash 22,040
Common shares 138,000
Equipment 64,100
Income tax expense 5,000
Interest expense 4,000
Interest payable 2,100
Land 192,770
Long-term investments 26,970
Mortgage payable 102,000
Operating expenses 156,680
Prepaid insurance 1,400
Retained earnings, January 1 114,520
Service revenue 181,040
Supplies 1,240
Required - Make a statement of financial position. Assume that the company will pay $28,500 of the mortgage payable in 2022.