10 of 11 Current Attempt in Progress < -/10 E The following are Splish Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $812,700 $705,700 $107,000 Accounts receivable 1,124,100 1,165,600 (41,500) Inventory 1,865,200 1,717,800 147,400 Property, plant, and equipment 3,319,600 2,958,700 360,900 Accumulated depreciation (1,167,700 ) (1,041,700 ) (126,000) Investment in Myers Co. 308,000 274,400 33,600 Loan receivable 250,400 - 250,400 Total assets $6,512,300 $5,780,500 $731,800 Accounts payable $1,012,500 $949,600 $62,900 Income taxes payable 29,800 50,300 (20,500) Dividends payable 79,600 99,300 (19,700) Lease liabililty 421,500 421,500 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of par-common stock 1,494,500 1,494,500 Retained earnings 2,974,400 2,686,800 287,600 Total liabilities and stockholders' equity $6,512,300 $5,780,500 $731,800 Additional information: 1. 2. On December 31, 2019, Splish acquired 25% of Myers Co's common stock for $274,400. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,097,600. Myers reported income of $134,400 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. During 2020, Splish loaned $320,800 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $70,400, plus interest at 10%, on December 31, 2020. 3. On January 2, 2020, Splish sold equipment costing $60,600, with a carrying amount of $38,300, for $40,100 cash. 4. On December 31, 2020, Splish entered into a capital lease for an office building. The present value of the annual rental payments is $421,500, which equals the fair value of the building. Splish made the first rental payment of $60,100 when due on January 2, 2021. 5. Net income for 2020 was $367,200. 6. Splish declared and paid the following cash dividends for 2020 and 2019. 2020 2019 Declared December 15, 2020 December 15, 2019 Paid February 28, 2021 February 28, 2020 Amount $79,600 $99,300 Prepare a statement of cash flows for Splish Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) SPLISH CORP. Statement of Cash Flows Adjustments to reconcile net income to $ > > > > $ > Textbook and Media