a comparative balance sheet for omoplata corporation is presented below 270531

14. A comparative balance sheet for Omoplata Corporation is presented below:

December 31, December 31, 2006 2005

Assets Cash 69,000 Accounts receivable 82,000 Inventories — _180,000 Land 75,000 Equipment 260,000 Accumulated depreciation (69,000) 597.000 Liabilities and Stockholders’ Equity Accounts 34,000 payable Dividends payable 20,000 Bonds payable 150,000 Common stock 214,000 Retained earnings 179,000 597 000

22,000 66,000 189,000 110,000 200,000 (42,004) 5.4.5121/

47,000

15,000 200,000 164,000 119,000 545 0011

Net income ftfryie ¦ 6 wa’ Cash dividends of $50,000 were paid. Land was sold at a gain 7.0,000. he company paid cash for all equipment purchases except for a $40,000 computer that was financed by the seance of common stock. Omoplata Corporation sold equipment at a loss df $30,000 tI t had a cost of $70,000 and a book value of $50,000. The company issued’&000 o onds at par during the year and redeemed other bonds for cash.

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