3-Bonds Payable F G H (Value-20 points) Required: In the space provided to the left, complete the Statement of Cash Flows for Maritime Food Inc. for the year ending December 31, 2020 O Maritime Food Inc. 1 Balance Sheet December 31 2 2,020 2,019 3 Assets 4 Cash 57,500 15,000 15 Accounts receivable 86,000 39,000 16 Inventory 130,000 98,000 17 Land 20,000 50,000 18 Equipment 190,000 145,000 19 Accumulated Depreciation (78,500) (44,000) 20 Total Assets 405,000 303,000 21 22 Liabilities & Shareholders' Equity 23 Accounts Payable 76,500 105,000 24 Common Shares 125,000 100,000 25 Retained Earnings 203,500 98,000 26 Total Liabilities & Equity 405,000 303,000 27 28 29 Maritime Food Inc. 30 Income Statement 31 Year Ended December 31, 2020 32 33 Revenue & Gains 34 Sales 35 867,000 Gain on Sale of Land 10,000 36 877,000 37 Expenses 30 Cost of Goods Sold 447,000 39 Operating Expenses 40 Depreciation Expense 255,000 41 34,500 42 736.500 43 Net income 140,500 44 3 Other Information for 2020: Equipment was purchased for $45,000 in cash Cash dividends of $35,000 were declared and paid The land was sold for $40,000. The cost was $30,000. Gain of $10,000 on the sale of the land Maritime Food Inc. Statement of Cash Flows Year Ended December 31, 2020 OPERATING ACTIVITIES Profit Accounts Receivable Inventory Accounts Payable Depreciation Gain on Sale of Land INVESTING ACTIVITIES Proceeds from Sale of Land Purchase of Equipment FINANCING ACTIVITIES Payment of Dividends Cash from Issuance of Common Shares Net Increase In Cash Cash at Beginning of Year Cash at End of Year