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The following information relates to Aires Corporation for 2010 and 2009:
Aires Corporation
Comparative Balance Sheets
December 31, 2010 and 2009
Assets
2010
2009
Change
Cash
$ 21,000
$ 54,000
($ 33,000)
Accounts receivable (net)
421,000
480,000
(59,000)
Inventory
310,000
340,000
(30,000)
Prepaid expenses
17,000
15,000
2,000
Investments
80,000
0
Land
350,000
300,000
50,000
Building (net)
680,000
700,000
(20,000)
Equipment (net)
520,000
180,000
Total assets
$2,399,000
$2,309,000
$ 90,000
Liabilities
Accounts payable
$ 328,000
$ 335,000
($ 7,000)
Accrued liabilities
171,000
170,000
1,000
Income taxes payable
22,000
34,000
(12,000)
Bonds payable
410,000
(290,000)
Long-term note payable
130,000
Total liabilities
$1,061,000
$1,239,000
($178,000)
Stockholders' Equity
Common stock
$ 800,000
$ 600,000
$200,000
Additional paid-in capital
152,000
Retained earnings
386,000
318,000
68,000
Total stockholders' equity
$1,338,000
$1,070,000
$268,000
Total liabilities and stockholders' equity
Additional information:
Net income for 2010 was $143,000.
Issued a long-term note payable in exchange for computer equipment for $130,000.
Purchased computer terminals for $90,000.
Depreciation on equipment for 2010 was $40,000.
Depreciation on building for 2010 was $20,000.
Reacquired bonds payable at par for $290,000.
Declared and paid dividends of $75,000.
Issued 20,000 shares of common stock at par value of $10 per share.
Paid $50,000 for land intended for a new plant site.
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