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Blazer Company - Balance Sheet As of 12/31/2014
Assets
Current Assets
Cash				$ 50,000
Accounts Receivable				$ 35,000
Total Current Assets						$85,000
Long-term Investments
Investments in Hokie Co. - AFS						$25,000
Property Plant and Equipment
Printing Equipment				$100,000
less Accumulated Depreciation				$ (40,000)		$60,000
Building				$ 110,000
less Accumulated Depreciation				$ (3,667)		$106,333
Intangible Assets
Trademark						$10,000
Total Assets							$ 286,333
Liabilities and Stockholders Equity
Current Liabilities
Accounts Payable			$115,000
Unearned Revenue			$45,000
Total Current Liabilities				$160,000
Total Liabilities					$ 160,000
Stockholder's Equity
Capital Stock:
Common Stock ($1 par value 10,000 shares issued)			$10,000
Additional Paid in Capital			$50,000
Total Paid in Capital				$ 60,000
Retained Earnings				$ 66,333
Total Stockholder's Equity					$126,333
Total Liabilities and Stockholder's Equity								$286,333

The Following Events Happened in 2015
On Jan. 1 Blazer Co. issued 1000 shares of 6% $10 par preferred stock for $20,000.
Blazer Co. had $150,000 in sales ($100,000 cash and $50,000 on account).
On Jan. 1 Blazer Co. paid $20,000 to rent a building for the next 12 months
Blazer Co. purchased supplies for $10,000 on account
Blazer Co. collected $35,000 in cash for settlement of outstanding accounts receivable
Blazer Co. provided services to earn all unearned revenue in 2015.
At the end of the year only $2000 of supplies remained
On 12-31 Blazer Company declared and paid preferred dividends
Other Information:
The Building has a useful life of 10 years and a salvage value of 10,000. The company uses straight line depreciation.
The Printing Equipment had a useful life of 10 years and a salvage value of 50,000. The company uses straight line depreciation.
Blazer Co's Income Tax Rate is 30 percent and taxes will not be paid until 2016.

Instructions: Using this information, prepare the 2015 Income Statement and Balance.

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