Madigan Pets Supply Inc. has the following account balances at December 31, 2022 and 2023:
December 31, 2023 |
December 31, 2022 |
|
Cash |
$1,200,000 |
$1,050,000 |
Notes Receivable |
$300,000 |
$100,000 |
Plant Asset (net) |
300,000 |
100,000 |
Long Term Security Investments |
$150,000 |
250,000 |
Bonds Payable |
$550,000 |
$350,000 |
Common Stock |
300,000 |
120,000 |
Additional Paid-in Capital |
50,000 |
20,000 |
|
200,000 |
150,000 |
Dividends Declared and Paid |
24,000 |
18,000 |
|
50,000 |
50,000 |
Long-term Intangible Assets(net) |
$8,000 |
$12,000 |
Amortization Expense (annual) |
$6,000 |
$8,000 |
Additional information:2023 plant asset acquisitions were paid in cash.No plant assets were sold during 2023.$30,000 of the notes receivable were collected during 2023.No common stock was retired during 2023.$50,000 in bonds were retired in 2023. All bonds were issued at par value.
Using the indirect method, prepare Madigan Pets Supply's financing section of the statement of
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