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P23.1 (LO 2,4) (SCF-Indirect Method) The following are Sullivan 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 Increase 2020 2019 (Decrease) Cash $ 815,000 $ 700,000 $115,000 Accounts receivable 1,128,009 1,168,000 (40,000) Inventory 1,850,000 1,715,000 135,000 Property, plant, and equipment 3,307,000 2,967,000 340,000 Accumulated depreciation (1,165,000) (1,040,000) (125,000) Investment in Myers Co. 310,000 275,000 35,000 Loan receivable 250.000 250,000 Total assets $6,495,000 $5.785.000 $710.000 Accounts payable $1.015.000 $ 955,000 $ 60,000 30,000 50,000 Income taxes payable (20,000) 80.000 Dividends payable 100,000 (20,000) 400.000 400,000 Lease liability 500,000 500,000 Common stock, 51 par Paid-in capital in excess of 1.500.000 1.500.000 par-common stock 2.970,000 2.680,000 Retained earnings $6.495,000 $5,735.000 5710.000 Total liabilities and stockholders' equity Additional information: 1. On December 31, 2019, Sullivan acquired 25of Myers Cocommon stock for $971.000. On that date, the carrying value of Myer's ass and abilities which approximated their brew Retained earnings Total liabilities and stockholders' equity 2,970,000 $6,495,000 2,680,000 $5,785,000 290,000 $710,000 Additional information: 1. On December 31, 2019, Sullivan acquired 25% of Myers Co's common stock for $275,000. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was 23-56 CHAPTER 23 Statement of Cash Flows $1,100,000. Myers reported income of S140,000 for the year ended December 31, 2020 No dividend was paid on Myers's common stock during the year. 2. During 2020, Sullivan loaned $300,000 to TLC Co, an unrelated company. TLC made the first semi annual principal repayment of $50,000, plus interest at 10%, on December 31, 2020. 3. On January 2, 2020, Sullivan sold equipment costing $60,000, with a carrying amount of $2.000, for $40,000 cash 4. On December 31, 2020, Sullivan entered into a capital lease for an office building. The penale of the annual rental payments is $400,000, which equals the fair value of the building Slican made the first rental payment of $60,000 when due on January 2, 2021 5. Net income for 2020 was $370,000 6. Sullivan declared and paid the following cash dividends for 2020 and 2019, 2020 2019 Declared December 15, 2020 December 18 2019 Pald Rebruary 2010 Amount instructions Prepare a statement of cash flows for Sullivan Corp. for the year ended Dober Indirect method CANCHA 21 (LD2, 4) Excel Groupon NCHI-direct Mech These