Aero inc. had the following balance sheet at december 31,

Aero Inc. had the following balance sheet at December 31, 2013.

AERO INC.
BALANCE SHEET
DECEMBER 31, 2013

Cash   $ 23,330   Accounts payable   $ 33,330
Accounts receivable   24,530   Bonds payable   44,330
Investments   32,000   Common stock   103,330
Plant assets (net)   84,330   Retained earnings   26,530
Land   43,330       $207,520
    $207,520        

During 2014, the following occurred.

1.   Aero liquidated its available-for-sale investment portfolio at a loss of $8,330.
2.   A tract of land was purchased for $41,330.
3.   An additional $30,000 in common stock was issued at par.
4.   Dividends totaling $13,330 were declared and paid to stockholders.
5.   Net income for 2014 was $38,330, including $15,330 in depreciation expense.
6.   Land was purchased through the issuance of $33,330 in additional bonds.
7.   At December 31, 2014, Cash was $73,530, Accounts Receivable was $45,330, and Accounts Payable was $43,330.

 

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