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Stanley Ltd.'s December 31st financial information is presented below: Comparative Statement of Financial Position accounts 2019 2018 Change Cash Short term investments Accounts receivable Inventory Disposal group held for sale Long term investments Equipment Accumulated depreciation equipment Total assets 6,925 7,000 132,000 723,450 732,000 24,750 346,000 (95,800) $1,876,325 5,735 4,000 150,000 624,000 702,000 24,750 308,000 (125,020) $1,693,465 1,190 3,000 (18,000) 99,450 30,000 0 38,000 29,220 $182,860 374,800 27,850 324,000 427,000 722,675 $1,876,325 385,470 22,000 374,000 376,000 535,995 $1,693,465 (10,670) 5,850 (50,000) 51,000 186,680 $182,860 Accounts payable Income taxes payable Long term note payable Common shares Retained earnings Total liabilities & shareholders' equity Comprehensive income statement accounts Sales Cost of goods sold Depreciation expense Other expenses Loss on sale of equipment held for sale 1, 132,700 522,700 74,300 284,600 8.100 30,000 Cost of goods sold Depreciation expense Other expenses Loss on sale of equipment Loss recovery on disposal group held for sale Income tax expense Net income and comprehensive income 1,132,700 522,700 74,300 284,600 8,100 30,000 34,590 $238,410 Additional information: 1. Sold equipment for cash (cost $150,000, accumulated depreciation $103,520). note 2. Purchased equipment worth $188,000. Paid $50,000 cash and signed a long-term for the balance. 3. Issued 2,040 common shares @ $25 per share. Assume any unexplained balance sheet differences flow from logical sources. Management considers income tax as an operating activity and dividends paid to be a financing activity. Required: Prepare the 2019 Statement of Cash Flow for Stanley Ltd. using the direct method. (20 marks) Format ... V BI U Stanley Ltd.'s December 31st financial information is presented below: Comparative Statement of Financial Position accounts 2019 2018 Change Cash Short term investments Accounts receivable Inventory Disposal group held for sale Long term investments Equipment Accumulated depreciation equipment Total assets 6,925 7,000 132,000 723,450 732,000 24,750 346,000 (95,800) $1,876,325 5,735 4,000 150,000 624,000 702,000 24,750 308,000 (125,020) $1,693,465 1,190 3,000 (18,000) 99,450 30,000 0 38,000 29,220 $182,860 374,800 27,850 324,000 427,000 722,675 $1,876,325 385,470 22,000 374,000 376,000 535,995 $1,693,465 (10,670) 5,850 (50,000) 51,000 186,680 $182,860 Accounts payable Income taxes payable Long term note payable Common shares Retained earnings Total liabilities & shareholders' equity Comprehensive income statement accounts Sales Cost of goods sold Depreciation expense Other expenses Loss on sale of equipment held for sale 1, 132,700 522,700 74,300 284,600 8.100 30,000 Cost of goods sold Depreciation expense Other expenses Loss on sale of equipment Loss recovery on disposal group held for sale Income tax expense Net income and comprehensive income 1,132,700 522,700 74,300 284,600 8,100 30,000 34,590 $238,410 Additional information: 1. Sold equipment for cash (cost $150,000, accumulated depreciation $103,520). note 2. Purchased equipment worth $188,000. Paid $50,000 cash and signed a long-term for the balance. 3. Issued 2,040 common shares @ $25 per share. Assume any unexplained balance sheet differences flow from logical sources. Management considers income tax as an operating activity and dividends paid to be a financing activity. Required: Prepare the 2019 Statement of Cash Flow for Stanley Ltd. using the direct method. (20 marks) Format ... V BI U