The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $
ID: 2682854 • Letter: T
Question
The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.410 million, $142,000 in the common stock account and $2.67 million in the additional paid-in surplus account. The December 31, 2010, balance sheet showed long-term debt of $1.60 million, $152,000 in the common stock account and $2.97 million in the additional paid-in surplus account. The 2010 income statement showed an interest expense of $95,000 and the company paid out $147,000 in cash dividends during 2010. The firmExplanation / Answer
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