The comparative balance sheets for 2020 and 2021 are given below for Lynbrook, Inc. The Statement of Retained Earnings is also provided for the year ending December 31, 2021. Lynbrook, Inc. Comparative Balance Sheet December 31, 2021 and 2020 Assets: 2021 2020 Cash 1,540 2,180 6,055 800 1,500 3,100 Accounts receivable Inventory Long-term investment 2,800 9,200 20,000 6,100 5,900 (8,500) 45,275 Land 6,000 20,000 4,000 3,000 (7,000) 31,400 Buildings Office equipment Delivery equipment Accumulated depreciation Liabilities: Accounts payable Wages payable Bonds payable Premium on Bonds Payable 3,695 3,300 600 500 5,000 240 Stockholders' Equity Common stock, $10 par Paid-in capital-ex. of par Retained earnings Treasury stock 8,200 13,640 16,000 (2,000) 45,275 6,000 9,000 12,500 31.400
Additional relevant information:
1.
2. On January 1, 2016, the company issued 10% bonds with a face value of $5,000 at 106. Interest was paid semiannually on June 30 and December 31. The bonds mature on January 1, 2021. Straight-line amortization is used for bond discount or premium. Bond interest expense was $440.
3. Land was purchased for $3,200 during the year.
4. Two hundred shares of common stock were issued for delivery equipment valued at $2,900 and office equipment valued at $3,100.
5. Twenty shares of stock were issued as a stock dividend. The market price per share was $42.
6. Office equipment with a cost of $1,000 and a book value of $300 was sold for $50.
7. Fifty shares of its own common stock were reacquired by the company as
8. One hundred shares of Scan House Company stock were purchased for $28 per share at year-end.
Required:
Prepare the complete Statement of
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