Complete the December 31, 2016 (First Year of Operation) Balance

Essay

Complete the December 31, 2016 (first year of operation) Balance sheet for Lincoln Company using the following information:
(a) Retained earnings at December 31, 2016 was $51,000.
(b) Total stockholders' equity at January 1, 2016 was $139,000.
(c) On December 30, 2016, additional capital stock was sold for cash, $55,000
(d) The land and building were purchased on December 30, 2016 for $150,000.
​ Lincoln Company
Balance Sheet
December 31,2016
$\begin{array}{lclc}\text {Assets }&&\text { Liabilities \& Stockholders' Equity }\\ \hline \text { Cash } & \$ 80,000 &\text {Liabilities: }&\\ \text { Accounts receivable } & {?}&\text { Notes payable}&? \\ \text { Land } &{112,000}&\text { Accounts payable}&45,000\\\text { Buildings } &{?}&\text { Total liabilities}&?\\ \text { Equipment }&{30,000}&\text {Stockhol ders' equity: }&\\&&\text {Capital Stock }&?\\&&\text {Retained earnings }&?\\&&\text {Total liabilities and }&\\\text {Total assets }&\$---&\text { stockholders' equity}&\$390,000\\\end{array}$