Syal SE
Comparative Statements of Financial Position December 31
Assets 2020 2019
Land € 73,000 €100,000
Equipment 260,000 200,000
Accumulated depreciation—equipment (66,000) (34,000)
Inventory 170,000 187,000
Accounts receivable 85,000 71,000
Cash 73,000 33,000
Total €595,000 €557,000
Equity and Liabilities
Share capital—ordinary (€1 par) €216,000 €174,000
Retained earnings 194,000 136,000
Bonds payable 150,000 200,000
Accounts payable 35,000 47,000
Total €595,000 €557,000
Additional information:
1. Net income for 2020 was €103,000.
2. Depreciation expense was €32,000.
3. Cash dividends of €45,000 were declared and paid.
4. Bonds payable amounting to €50,000 were redeemed for cash €50,000.
5. Ordinary shares were issued for €42,000 cash.
6. No equipment was sold during 2020.
7. Land was sold for its book value of €27,000.