O’Brien Industries Inc. is a book publisher.
Note 1. Investments are classified as available for sale. The investments at cost and fair value on December 31, Year 1, are as follows:
| No. of Shares | Cost per Share | Total Cost | Total Fair Value | |||||
| Bernard Co. stock | 1,900 | $10 | $19,000 | $17,300 | ||||
| Chadwick Co. stock | 1,000 | 45 | 45,000 | 42,100 | ||||
| $64,000 | $59,400 | |||||||
Note 2. The investment in Jolly Roger Co. stock is an equity method investment representing 32% of the outstanding shares of Jolly Roger Co.
The following selected investment transactions occurred during Year 2:
| May 5. | Purchased 2,200 shares of Gozar Inc. at $18 per share including brokerage commission. Gozar Inc. is classified as an available-for-sale security. |
| Oct. 1. | Purchased $39,000 of Nightline Co. 5%, 10-year bonds at 100. The bonds are classified as available for sale. The bonds pay interest on October 1 and April 1. |
| Oct. 9. | Dividends of $10,700 are received on the Jolly Roger Co. investment. |
| Dec. 31. | Jolly Roger Co. reported a total net income of $92,000 for Year 2. O’Brien Industries Inc. recorded equity earnings for its share of Jolly Roger Co. net income. |
| 31. | Accrued three months of interest on the Nightline bonds. |
| 31. | Adjusted the available-for-sale investment portfolio to fair value, using the following fair value per-share amounts: |
| Available-for-Sale Investments | Fair Value |
| Bernard Co. stock | $9 per share |
| Chadwick Co. stock | $40 per share |
| Gozar Inc. stock | $19 per share |
| Nightline Co. bonds | $98 per $100 of the face amount |
| Dec. 31. | Closed the O’Brien Industries Inc. net income of $136,600. O’Brien Industries Inc. paid no dividends during the year. |
Required:
The comparative unclassified balance sheets for December 31, Year 2, and Year 1 are provided below. Determine the missing amounts in the unclassified balance sheet. Do not round interim calculations. Round final answers to the nearest dollar. Use the minus sign to indicate the negative amounts.
| O’Brien Industries Inc. | ||
| Balance Sheet | ||
| December 31, Year 2 and Year 1 | ||
| Dec. 31, Year 2 | Dec. 31, Year 1 | |
| Cash | $216,372 | $174,700 |
| Accounts Receivable (Net) | 123,700 | 114,500 |
| Available-for-Sale Investments (at Cost) – Note 1 | 64,000 | |
| Less Valuation Allowance for Available-for-Sale Investments | 4,600 | |
| Available-for-Sale Investments (Fair Value) | $ | $59,400 |
| Interest Receivable | $ | |
| Investment in Jolly Roger Co. Stock – Note 2 | $ 62,400 | |
| Office Equipment (Net) | 103,800 | 109,300 |
| Total Assets | $ | $520,300 |
| Accounts Payable | $ 66,400 | $ 59,800 |
| Common Stock | 57,200 | 57,200 |
| Excess of Issue Price Over Par | 182,100 | 182,100 |
| Retained Earnings | 225,800 | |
| Unrealized Gain (Loss) on Available-for-Sale Investments | (4,600) | |
| Total Liabilities and Stockholders’ Equity | $ | $520,300 |
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