please answer. thanks Blossom Ltd., which follows ASPE had the following comparative statement of financial position:AssetsCashAccounts receivableInventoryPrepaid insuranceEquipmentAccumulated depreciation-equipmentPatentsBlossom Ltd.Comparative Statement of Financial PositionDecember 31Total assetsAccounts payableInterest payableSalaries and wages payableIncome taxes payableLong-term note payableCommon shares●Retained earningsTotal liabilities and shareholders' equityAdditional information:●●2024$60,680100,64059,2007,400Liabilities and Shareholders' Equity$68,080227,920(51,800)59,200$463,2405,92011,84011,84088,800192,40084,360$463,2402023$37,00075,48088,8005,920192,400(37,000)74,000$436,600$59,2008,8805,92014,800102,120192,40053,280$436,600Net income for the fiscal year was $39,960.Equipment that cost $29,600 and was 70% depreciated was sold during 2024, for a gain of $2,960.No patents were purchased or sold during the fiscal year.Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or inparenthesis e.g. (15,000).) Adjustments to reconcile net income tonet cash provided by operating activities:> >>>>>>Blossom Ltd.Statement of Cash Flows>$$$$$$$$

The cash flow statement is prepared to record the cash flow from various activities during the…

Blossom Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Blossom Ltd. Comparative Statement of Financial Position December 31 Total assets ● Accounts payable Interest payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 2024 $60,680 100,640 59,200 7,400 227,920 (51,800) 59,200 $463,240 Liabilities and Shareholders' Equity $68,080 5,920 11,840 11,840 88,800 192,400 84,360 $463,240 2023 $37,000 75,480 88,800 5,920 192,400 (37,000) 74,000 $436,600 $59,200 8,880 5,920 14,800 102,120 192,400 53,280 $436,600 Net income for the fiscal year was $39,960. Equipment that cost $29,600 and was 70% depreciated was sold during 2024, for a gain of $2,960. No patents were purchased or sold during the fiscal year. Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in

Blossom Ltd., which follows ASPE had the following comparative statement of financial position: Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Blossom Ltd. Comparative Statement of Financial Position December 31 Total assets ● Accounts payable Interest payable Salaries and wages payable Income taxes payable Long-term note payable Common shares Retained earnings Total liabilities and shareholders' equity Additional information: 2024 $60,680 100,640 59,200 7,400 227,920 (51,800) 59,200 $463,240 Liabilities and Shareholders' Equity $68,080 5,920 11,840 11,840 88,800 192,400 84,360 $463,240 2023 $37,000 75,480 88,800 5,920 192,400 (37,000) 74,000 $436,600 $59,200 8,880 5,920 14,800 102,120 192,400 53,280 $436,600 Net income for the fiscal year was $39,960. Equipment that cost $29,600 and was 70% depreciated was sold during 2024, for a gain of $2,960. No patents were purchased or sold during the fiscal year. Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, year 2, Connor Corporation signed a $100,000 noninterest-bearing note due in three years at a discount rate of 10%. Connor elects to use the fair value option for reporting its financial liabilities. On December 31, year 2, Connor's credit rating and risk factors indicated that the rate of interest applicable to its borrowings was 9%. The present value factors at 10% and 9% are presented below. PV factor .751 10%, 3 periods PV factor .826 10%, 2 periods PV factor .909 10%, 1 periods PV factor .772 9%, 3 periods PV factor .842 9%, 2 periods PV factor .917 9%, 1 periods At what amount should Connor present the note on the December 31, year 2 balance sheet? $82,610 $84,200 $75,100 $77,200
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