Following are the income statement for 2018 and the comparative statement of financial position for the year ended
December 31 of that year for Benin Bakeries Inc.
· Capital assets that had cost $90,400 were sold for proceeds of $34,200.
· A stock dividend valued at $50,000 was declared and distributed in June 2018.
· Equipment valued at $80,000 was acquired for preferred shares during the year.
· Bonds with a face value of $400,000 were issued for $368,000 cash in January 2018. No bonds were redeemed during the year.
· The temporary investments were considered to be cash equivalents.
Statement of Incomefor the year ended December 3], 2018 Revenues and gains: Sales 5 1,520,000Interest and dividends 61,000Gain on sale of investments 14,000 5 1,595,000 Expenses and losses: Cost of goods sold 5 700,000Selling expenses 80,400Amortization expense 39,200Interest expense 16,600Loss on sale of equipment 4,200Income tax expense 226,400 1,066,800 Net income 5 528,200
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