Aero Inc. had the following balance sheet
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Aero Inc. had the following balance sheet at December 31, 2011.
AERO INC.
BALANCE SHEET
DECEMBER 31, 2011
Cash $ 23,210 Accounts payable $ 33,210
Accounts receivable 24,410 Bonds payable 44,210
Investments 32,000 Common stock 103,210
Plant assets (net) 84,210 Retained earnings 26,410
Land 43,210 $207,040
$207,040
During 2012, the following occurred.
1. Aero liquidated its available-for-sale investment portfolio at a loss of $8,210.
2. A tract of land was purchased for $41,210.
3. An additional $30,000 in common stock was issued at par.
4. Dividends totaling $13,210 were declared and paid to stockholders.
5. Net income for 2012 was $38,210, including $15,210 in depreciation expense.
6. Land was purchased through the issuance of $33,210 in additional bonds.
7. At De
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