Intermediate Accounting: P4-5 The balance sheet information of the Cornerstone Development Company

Intermediate Accounting
P4-5 Balance Sheet Calculations
The balance sheet information of the Cornerstone Development Company at the end of 2016 and 2017 is as follows:
Contributed Capital: 2016 2017
Long-term liabilities $ (a) 33,100
Accumulated other comprehensive income 8,000 8,900
Working capital 17,900 19,800
Intangible assets 19,100 18,600
Common stock, $10 par (b) (i)
Total shareholders’ equity (c) 179,000
Accumulated depreciation (37,500) (48,600)
Total liabilities 51,900 (j)
Current assets (d) 39,800
Retained earnings 83,300 (k)
Total contributed capital 66,700 (l)
Total assets (e) (m)
Additional paid-in capital (f) (n)
Long-term investments 40,100 (o)
Current liabilities (g) (p)
Property, plant, and equipment (h) 180,000

Additional information:
At the end of 2016, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding.
During 2017, the company (a) issued 100 shares of common stock for $25 per share, (b)earned net income of $20,600, and (c ) paid dividends of $1 per share on the common stock outstanding at year-end.

Required:
Determine the amounts for the letters (a) through (p). Prepare the correct balance sheet. All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)
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