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Question: Alex Company reported the following information for 2017.

Additional information: 1. Operating expenses include depreciation expense of $40,000.

2. Land was sold at its book value for cash.

3. Cash dividends of $85,000 were declared and paid in 2017.

4. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $51,000 and a book value of $36,000 was sold for $34,000 cash.

5. Bonds of $50,000 were redeemed at their face value for cash.

6. Common stock ($1 par) of $170,000 was issued for cash.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92663824

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