The Reigle Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding):Cash and equivalents ………. $ 60,000Revenues ……………. 790,000Notes payable …………… 51,000Long-term debt, excluding current portion .. 210,000Accounts receivable, net ………. 48,000Provision for income taxes ……… 60,000Other long-term assets ………. 110,000Interest expense …………. 55,000Deferred income tax liability–long-term …. 44,000Retained earnings ……….. 204,000Income taxes payable ………. 37,000Cost of sales …………. 470,000Inventories …………… 36,000Prepaid expenses ………… 15,000Common stock (50,000 shares outstanding) … 25,000Property, plant, and equipment, at cost … 580,000Accounts payable ………… 43,000Interest income …………. 15,000Goodwill, patents, and trademarks …… 75,000Current portion of long-term debt ……. 16,000Less: Accumulated depreciation ……. 170,000Selling and administrative expenses ….. 150,000Additional paid-in capital ………… ?Prepare in proper form the December 31, 20X0, balance sheet and the 20X0 income statement for Reigle Company. Include the proper amount for additional paid-in capital.View Solution:
The Reigle Company had the following items on its December



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