statement of cash flows 15

Shown below are comparative statements of financial position for Blue Spruce Corporation.

BLUE SPRUCE CORPORATION
Statement of Financial Position
December 31
Assets 2018 2017
Cash $68,400 $21,520
Accounts receivable 85,400 76,070
Inventory 174,570 195,620
Land 76,850 100,610
Equipment 256,900 190,500
Accumulated depreciation – equipment (69,140 ) (36,240 )
$592,980 $548,080

Liabilities and Shareholders’ Equity
Accounts payable $36,360 $45,190
Bonds payable 148,000 201,000
Common shares 210,700 167,800
Retained earnings 197,920 134,090
$592,980 $548,080

Additional information:

1. Net income for 2018 was $94,680. There were no gains or losses reported on the income statement.
2. Cash dividends of $30,850 were declared and paid.
3. Bonds payable amounting to $53,000 were redeemed for cash $53,000. The bonds were originally issued at face value (no premium or discount).
4. Common shares were issued for $42,900 cash.
5. No land was purchased during 2018.
6. No equipment was disposed of during 2018.
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