### Step 1: Calculate the total assets after the transactions **Explanation:** Starting with the initial total assets of $399,900, we for the transactions: - Sale of investment portfolio for $24,200 (loss of $6,300, but the sale amount is what matters for assets) - Purchase of land for $30,400 - Retirement of long-term notes payable for $34,200 - Issuance of additional common stock for $47,200 - Payment of dividends for $24,200 - Net income of $26,400 (which increases assets) - Purchase of land with bonds payable of $66,400 (increase in land and liabilities) - Cash at year-end is given as $59,900 **Calculation:** - Sale of investments: +$24,200 - Purchase of land: -$30,400 - Retirement of notes payable: -$34,200 - Issuance of common stock: +$47,200 - Dividends paid: -$24,200 - Net income increases assets: +$26,400 - Land purchased with bonds: +$66,400 (not affecting cash directly but increases land assets) ### Step 2: Adjust total assets accordingly Starting from initial assets ($399,900): \[ 399,900 + 24,200 - 30,400 - 34,200 + 47,200 - 24,200 + 26,400 + 66,400 = \text{New total assets} \] Calculating: \[ 399,900 + 24,200 = 424,100 \] \[ 424,100 - 30,400 = 393,700 \] \[ 393,700 - 34,200 = 359,500 \] \[ 359,500 + 47,200 = 406,700 \] \[ 406,700 - 24,200 = 382,500 \] \[ 382,500 + 26,400 = 408,900 \] \[ 408,900 + 66,400 = 475,300 \] **Final answer:** ### **The total assets at December 31, 2025, are $475,300.**