ABC Co. started its business raising $110000 in cash; $60000 from issuing equity and $50000 from Show more ABC Co. started its business raising $110000 in cash; $60000 from issuing equity and $50000 from issuing 6% bonds at par. ABC used the whole amt of cash to buy a building which it rents out for $10000 per year. Given below is the operating balance sheet of ABC Co. for the first year of operations. Assets Cash $0 Building $110000 TOTAL ASSETS $110000 Liab & Stockholders Equity LT Debt $50000 Stockholders Equity $60000 TOTAL LIAB & EQT $110000 At the end of year 1 the building is valued at $150000. Also the market value of bonds has fallen to $49000. Assume the useful life of the building is 30 years and its salvage value is $50000 at the end of of that period. The rental income is recieved on the last day of the year. Interest on bonds is also paid on this day. Prepare the year end balance sheet and income statment of ABC Co. based on Fair Value. Compare the historical cost and fair values in these statements. please show work to be awarded points! Also do not reply asking me to email you and paying you a fee!!!!!! Show less
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