12 of 12 View Policies Current Attempt in Progress < > A comparative statement of financial position for Swifty Corporation follows: SWIFTY CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $72,800 $32,480 Accounts receivable 97,440 66,080 Inventory 148,960 90,720 FV-OCI investments in shares 70,560 94,080 Land 72.800 115,360 Equipment 436,800 481,600 Accumulated depreciation-equipment (131,040 ) (96,320) Goodwill 138,880 193,760 Total $907,200 $977.760 Liabilities and Shareholders' Equity Accounts payable $13,440 $57,120 Dividends payable 16,800 35,840 Notes payable 246,400 375,200 Common shares 296,800) 140,000 Retained earnings 322,560 318,080 Question 12 of 12 < > -/10 Retained earnings 322,560 318,080 Accumulated other comprehensive income 11,200 51,520 Total $907,200 $977,760 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $21,280. 2. 3. 4. 5. 6. 7. In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020, a different plot of land with original cost of $96,320 was sold for proceeds of $106,400. In April 2020, notes payable amounting to $156,800 were retired through the issuance of common shares. In December 2020, notes payable amounting to $28,000 were issued for cash. FV-OCI investments were purchased in July 2020 for a cost of $16,800. By December 31, 2020, the fair value of Swifty's portfolio of FV-OCI investments decreased to $70,560. No FV-OCI investments were sold in the year. On December 31, 2020, equipment with an original cost of $44,800 and accumulated depreciation to date of $13,440 was sold for proceeds of $23.520. No equipment was purchased in the year. Dividends on common shares of $35,840 and $16,800 were declared in December 2019 and December 2020, respectively. The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. (a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a sign eg-15,000 or in parenthesis eg. (15,000)) SWIFTY CORPORATION ent Question 12 of 12 < > Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts th flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000)) SWIFTY CORPORATION Statement of Cash Flows Adjustments to reconcile net income to net cash used by operating activities: Question 12 of 12 < > < > > > $ During the year, Swifty retired $ in notes payable by issuing common shares