Information for Frobisher Inc was as follows:
a) On December 31, 2013, sold an operational asset with a carrying value of $8,000 for $5,000 cash, resulting in a $3,000 loss.
b) Amortization expense for the year was $4,000.c) Sold 200 common shares at $10 per share.
d) Paid $10,000 on a long-term note payable.
e) Sold a long-term investment that had cost $400 for $500.f) Inventory increased $2,500 over the year.
g) Net income for the year was $125,000.
h) The company paid dividends of $24,000 during the year and incurred $3,500 in interest expense.
Required:

Question

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The Answer of Information for Frobisher Inc was as follows:
a) On December 31, 2013, sold an operational asset with a carrying value of $8,000 for $5,000 cash, resulting in a $3,000 loss.
b) Amortization expense for the year was $4,000.c) Sold 200 common shares at $10 per share.
d) Paid $10,000 on a long-term note payable.
e) Sold a long-term investment that had cost $400 for $500.f) Inventory increased $2,500 over the year.
g) Net income for the year was $125,000.
h) The company paid dividends of $24,000 during the year and incurred $3,500 in interest expense.
Required:

Information for Frobisher Inc Was as Follows