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2 3 4 5 6 7 8 9 10 11 12 13 14 15 The following comparative balance sheets 2019 & 2020 and additional information
2 3 4 5 6 7 8 9 10 11 12 13 14 15 The following comparative balance sheets 2019 & 2020 and additional information for "National Company" are given: Assets w Cash Accounts Receivable Inventory and supplies Investments Machines Accumulated depreciation- Machines Total Assets Dec. 31, 2020 $152,000 48,000 28,000 0 114,000 Dec. 31, 2019 $44,000 42,000 38,000 36,000 104,000 (28,000) (20,000) $244,000 $314,000 Liabilities & Stockholders' Equity. Note payable Bonds payable (long-term) Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $74,000 64,000 80,000 96,000 $54,000 86,000 44,000 60,000 $314,000 $244,000 Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable; and issuance common stock. Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020
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