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During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 26,000 0

During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 26,000 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land Buildings Accum. Depreciation Total Accounts Payable Common Stock Retained Earnings Total December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 0 26,000 70,000 70,000 <15,000> <10,000> $ 118,000 $ 117,000 $ 11,000 80,000 27,000 $ 118,000 $ 30,000 70,000 17,000 $ 117,000 What was the dollar amount of dividends paid in 2018 (hint, think of the Retained Earnings Statement)?
Transcribed Image Text:During 2018, Comsat Corporation had Net Income of $30,000, and sold land at book value for cash. Comparative balance sheets follow: Cash Accounts Receivable Land Buildings Accum. Depreciation Total Accounts Payable Common Stock Retained Earnings Total December 31, 2018 December 31, 2017 $ 42,000 $ 11,000 21,000 20,000 0 26,000 70,000 70,000 <15,000> <10,000> $ 118,000 $ 117,000 $ 11,000 80,000 27,000 $ 118,000 $ 30,000 70,000 17,000 $ 117,000 What was the dollar amount of dividends paid in 2018 (hint, think of the Retained Earnings Statement)?
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