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2020 (AICPA adapted) P23.2 (LO 2, 4) Excel Groupwork (SCF-Indirect Method) The comparative balance sheets for Hinckley Corporation show the following information December 31 2019 Cash $ 33,500 $13,000 Accounts receivable 12.250 10,000 Inventory 12,000 9,000 Available-for-sale debt investments -0- 3,000 Buildings -0- 29,750 Equipment 45,000 20,000 Patents 5,000 6,250 $107.750 $91,000 $ 3.000 2,000 Allowance for doubtful accounts Accumulated depreciation equipment Accumulated depreciation--building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 5.000 -0- 3.000 31.000 43,000 20,750 $107.750 $ 4,500 4,500 6.000 3.000 5,000 4,000 25,000 33,000 6.000 $91.000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11.000 and was 40's depreciated at time of disposal was sold for $2.500 2. $10,000 of the long-term note payable was paid by luing common stock 3. Cash dividends paid were $5,000 4. On January 1, 2020, the building was completely destroyed by flood Insurance procede on the building were $30,000 (net of $2.000 5. Debt investments wilable for sale) were sold at $1.00 sbove their coul. The company has made similar sales and investments in the past Cash was paid for the action of went 7. A Page 1448 / 1584 a + Buildings 29,750 Equipment 45,000 20,000 Patents 5,000 6,250 $107,750 $91,000 Allowance for doubtful accounts $ 3,000 $ 4,500 Accumulated depreciation--equipment 2,000 4,500 Accumulated depreciation-building 6,000 Accounts payable 5,000 3,000 Dividends payable -0- 5.000 Notes payable, short-term (nontrade) 3.000 4.000 Long-term notes payable 31,000 25.000 Common stock 43,000 33,000 Retained earnings 20.750 6.000 $107.750 $91,000 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500, 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proces on the building were $30,000 (net of $2,000 taxes). 5. Debt investments (available for sale) were sold at $1.700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $10.000 was issued for the acquisition of equipment Interest of $2.000 and income taxes of 56.500 were paid in cash Instructions Prepare a statement of a sing the Indirect method