Information for Keewatin Inc for 2013 was as follows:
a) On December 31, sold a piece of equipment with a carrying value of $75,000 for $80,000 cash resulting in a
$5,000 loss.
b) Amortization expense for the year was $120,000.c) On June 30, issued 10% bonds for $500,000.
d) December 31, paid $25,000 for six months interest expense on the bonds.e) Paid $10,000 on a long-term note payable.
f) Bought shares in another company for $200,000.g) Inventory increased $25,000 over the year.
h) The company incurred a loss for the year of $115,000.
i) The company paid dividends of $30,000 during the year.
j) Over the year the company increased its overdraft at the bank $15,500.
Required:

Question

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The Answer of Information for Keewatin Inc for 2013 was as follows:
a) On December 31, sold a piece of equipment with a carrying value of $75,000 for $80,000 cash resulting in a
$5,000 loss.
b) Amortization expense for the year was $120,000.c) On June 30, issued 10% bonds for $500,000.
d) December 31, paid $25,000 for six months interest expense on the bonds.e) Paid $10,000 on a long-term note payable.
f) Bought shares in another company for $200,000.g) Inventory increased $25,000 over the year.
h) The company incurred a loss for the year of $115,000.
i) The company paid dividends of $30,000 during the year.
j) Over the year the company increased its overdraft at the bank $15,500.
Required:

Information for Keewatin Inc for 2013 Was as Follows