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3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to...

3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to 2020 activities are presented below.

December 31

2020 2019

Assets

Cash $1,040,000 $ 200,000

Accounts receivable (net) 1,000,000 1,020,000

Inventory 1,300,000 1,200,000

Long-term investments(carried at cost) 400,000 600,000

Plant assets 3,400,000 2,000,000

Accumulated depreciation (800,000) (900,000)

Patent 180,000 200,000

Total assets $6,520,000 $ 4,320,000

Liabilities and Stockholders' Equity

Accounts payable and accrued liabilities $1,660,000 $1,440,000

Notes payable 580,000 —

Common stock, $10 par 1,600,000 1,400,000

Additional paid-in capital 800,000 500,000

Retained earnings 1,880,000 980,000

Total liabilities and stockholders' equity $6,520,000 $4,320,000

Information relating to 2020 activities:

Net income for 2020 was $1,500,000.
Cash dividends of $________ were declared and paid in 2020.
Plant Assets costing $1,000,000 and having a carrying amount of $320,000 was sold in 2020 for $360,000.
A long-term investment was sold in 2020 for $320,000.
20,000 shares of common stock were issued in 2020 for $___________.
Assume any other transactions involved cash entirely.

Be certain that you have justified and accounted for all the changes in the account line items.

Expert Solution

ekkarill92 answered 1 year ago

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