Hocking Corporation\'s comparative balance sheet appears below: 25,200 28,000 18

Question

Hocking Corporation's comparative balance sheet appears below:

25,200   

28,000   

189,200   

172,000   

198,000   

166,000   

178,000   

182,000   

$367,200   

$354,000   

61,800   

58,000   

60,000   

88,000   

233,400   

243,000   

87,500   

62,000   

133,800   

111,000   

$367,200   

$354,000   

The company's net income (loss) for the year was $32,000 and its cash dividends were $6,500. It did not sell or retire any property, plant, and equipment during the year.

Hocking Corporation's comparative balance sheet appears below:

Explanation / Answer

Purchase of plant=376000-348000=28000

So $28000

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