Problem 5-7 Aero Inc. had the following balance sheet at December 31, 2011. AERO INC. BALANCE SHEET DECEMBER 31, 2011 Cash $ 22,500 Accounts payable $ 32,500 Accounts receivable 23,700 Bonds payable 43,500 Investments 32,000 Common stock 102,500 Plant assets (net) 83,500 Retained earnings 25,700 Land 42,500 $204,200 $204,200 During 2012, the following occurred. 1. Aero liquidated its available-for-sale investment portfolio at a loss of $7,500. 2. A tract of land was purchased for $40,500. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $12,500 were declared and paid to stockholders. 5. Net income for 2012 was $37,500, including $14,500 in depreciation expense. 6. Land was purchased through the issuance of $32,500 in additional bonds. 7. At December 31, 2012, Cash was $72,700, Accounts Receivable was $44,500, and Accounts Payable was $42,500.
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