(3,200) (1,150) Interest income Gain on sale of equipment Loss on sale of land Income tax expense Net income 2,000 17,250 87,800 $76.600 The following is additional information about CORRIGAN's transactions during fiscal 2020: The condensed comparative statement of financial position and income statement (statements not in proper form) for Soccer Inc. as at/ for the year ended June 30, 2020, are as follows: CORRIGAN INC. Statement of Financial Position June 30, 2020 2019 Cash $9,500 $12,500 Accounts receivable 32,000 23,200 Interest receivable 1,600 900 Notes receivable 20,000 18,500 Inventory 62,600 56,000 Investments - at cost 20,000 16,250 Land 24,000 28,000 Building 100,000 72,000 Accumulated dep - building (48,000) (40,000) Equipment 35,000 36,800 Accumulated dep-equip (20,000) (26,400) Total assets $236,700 $197,750 1. Land: Land was sold for cash. No land was purchased. 2. Building: No buildings were disposed/sold. A building was purchased for cash. 3. Equipment: Equipment with a cost of $29,000 was sold for cash and equipment was purchased for cash. Equipment was also purchased of $2,500 in exchange for common shares. 4. Investments were purchased for cash. Loans were paid for cash and remaining common shares were issued for cash. 5. The only changes in retained earnings were for net income and dividends. CORRIGAN Inc. follows ASPE. Required (a) Prepare the entire statement of cash flows in good form for CORRIGAN Inc. for the year ended June 30, 2020. Prepare the operating activities section using the indirect method. Ensure you show all your calculations below. (See (b) as well.) (6) Provide full calculations for the investing activities section. Accounts payable Accrued liabilities Unearned revenue Income tax payable Dividends payable Loans payable Total liabilities Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $28,560 5,040 8.160 3,440 4,600 20,000 69,800 40,000 126,900 166,900 $24,800 5,600 6,400 5,000 3,200 25,000 70,000 32,000 95,750 127,750 (c) Calculate for CORRIGAN Inc. for the year ending June 30, 2020 (1) Cash received from customers (1) Cash received for interest (11) Cash paid for income taxes (IV) Cash paid for interest $236,700 $ 197,750 Question 2 continued.... CORRIGAN INC. Income Statement for the Year Ended June 30, 2020 Sales Cost of merchandise sold Gross profit Salary & admin expense Interest expense Depreciation expense $290,000 125,600 164,400 50,000 2,900 20,000