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While on assignment you discover that you have misplaced the balance sheet of Bird Corporation as of January 1, Year 1. However, you do have the following data on Bird Corporation:
BIRD CORPORATION
Post-closing Trial Balance
December 31, Year 1
Debit balances
Cash
$100,000
Accounts receivable
120,000
Inventory
130,000
Property, plant, and equipment
550,000
Other noncurrent investments
200,000
Total
$1,100,000
Credit balances
Accounts payable
Current portion of long-term debt
80,000
Accumulated depreciation
270,000
Long-term debt
Common stock
300,000
Retained earnings
150,000
Statement of Cash Flows
For Year Ended December 31, Year 1
Cash flows from operations
Net income
$150,000
Add (deduct) adjustment to cash basis
Depreciation
$ 85,000
Loss on sale of equipment
5,000
Gain on sale of noncurrent investments
(50,000)
Increase in accounts receivable
(30,000)
Increase in inventories
(20,000)
Increase in accounts payable
40,000
30000
Cash from operations
180000
Cash flows from investing activities
Additions to property and equipment
(150,000)
Sale of equipment
10,000
Sale of investments
95,000
Cash used for investing activities
(45000)
Cash flows from financing activities
Issuance of common stock
10000
Additions to long-term debt
15000
Decrease in current portion of long-term debt
(30000)
(15,000)
Cash dividends
(80,000)
Cash used for financing activities
(85,000)
Net increase in cash
$50,000
Required:
Using the available data and information, prepare the balance sheet of Bird Corporation as of January 1, Year 1. T-accounts can be helpful in reconstructing the individual accounts. (Note: Equipment sold had accumulated depreciation of $50,000.)
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