Uddin Corp.?s statement of financial position at the end of 2019 included the following items:

The following information is available for the 2020 fiscal year:

1. Net income was $391,000.

2. Equipment (cost of $20,000 and accumulated depreciation of $8,000) was sold for $10,000.

3. Depreciation expense was $4,000 on the building and $9,000 on equipment.

4. Amortization expense on a patent was $3,000.

5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.

6. An addition to a building was completed at a cost of $31,000.

7. An FV-OCI investment in shares was purchased for $20,500 on the last day of the year. This was the first such investment made by Uddin in its history.

8. Bonds payable of $75,000 were issued at par.

9. Cash dividends of $180,000 were declared and paid. Dividends paid are treated as financing activities.

Uddin prepares financial statements in accordance with IFRS.

Instructions

a. Prepare a statement of financial position (SFP) as at December 31, 2020. You will need to adjust (?plug?) the December 31, 2020 amount of current assets to ensure the SFP balances.

b. Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method.

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Current liabilities Bonds payable Common shares Retained earnings Total Current assets Land Buildings Equipment Accumulated depreciation-buildings Accumulated depreciation-equipment Intangible assets–patents $1,105,000 1,100,000 180,000 1,120,000 320,000 $2,474,000 (130,000) (11,000) 40,000 $2,474,000 Total