9B To prepare the cash flow statement, accountants for Craftique Inc. have summarized activity for the year 2020 in two accounts as follows: 20 Prepar statem Cash Indirec Beginning balance 64,320 Payments on accounts payable 447,720 Collection of loan 39,600 Payments of dividends 52,640 Sale of investment 31,440 Payments of salaries and wages 172,560 Receipts of interest 39,120 Payments of interest 56,280 Collections from customers 814,440 Purchase of equipment 37,680 Issuance of common shares 33,360 Payments of operating expenses 41,160 Receipts of dividends 25,400 Payment of long-term debt 73,560 Repurchase of common shares 20,280 Payment of income tax 22,680 Ending balance 123,120 This Proble rs Chapter 17 Appendix topics. Common Shares Repurchase of shares 20,250 Beginning balance Issuance for cash 101 20 33,300 7730 42,800 234.4 Issuance to acquire land Issuance to retire long-term debt Ending balance Craftique Inc.'s income statement and selected balance sheet data follow CRAFTIQUE INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales revenue $847,560 39,120 Interest revenue Dividend revenue Total revenues 25,400 912.080 Expenses and losses Cost of goods sold $420,720 Salaries and wages expense 180,960 Amortization expense 29,160 Other operating expenses 52,920 Interest expense 58,560 Income tax expense 19,440 Loss on sale of investments 3,720 Total expenses 765,480 Net income B $146,600 1 2 Current assets 3 4 Inventory 5 Prepaid expenses Dec 31, 2020 Balance Sheet Data Cash and cash equivalents Accounts receivable Increase/ (Decrease) $ ? 33,120 (14,160) 720 6 Long-term Loan receivable (39,600) 7 Long-term investments (35,160) 8 Plant and equipment, net 8,520 9 Land 97,320 10 Current liabilities Accounts payable (41,160) 11 Interest payable 2,280 12 Salaries payable 8,400 13 Other accrued liabilities 12,480 14 Income tax payable (3,240) 15 Long-term Long-term debt (96,360) 16 Shareholders' equity Common shares 133,200 17 Retained earnings 93,960 of Accounting Information Required 1. Prepare the cash flow statement of Craftique Inc. for the year ended December 31, 2020, using the direct method to report operating activities. Also prepare a note to the financial statements summarizing the non-cash investing and financ- ing activities. 2. Prepare a schedule showing cash flows from operating activities using the indi- rect method. All activity in the current accounts results from operations. JL davalaand the followin