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A comparative balance sheet for Stanley's Corporation is presented below STANLEY CORPORATION Comparative Balance Sheet 2020 2019 Assets S 36.000 70,000 25,000 18,000 70,000 (20,000)
A comparative balance sheet for Stanley's Corporation is presented below STANLEY CORPORATION Comparative Balance Sheet 2020 2019 Assets S 36.000 70,000 25,000 18,000 70,000 (20,000) $199.000 S 31,000 60,000 17,000 40,000 60,000 (13.000) $195.000 Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets Liabilifies and Stockholders' Equity S11,000 27.000 140,000 21,000 $199.000 S 6,000 19.000 Accounts payable Bonds payable Common stock 115,000 55,000 $195,000 Retained eamings Total liabilities and stockholders' equity Additional information: 1. Net loss for 2020 is $20,000. Cash dividends of $14,000 were declared and paid in 2020. 2. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 3. 4. Equipment with a ocost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. $22,000 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. 5. 6. Instructions Prepare a statement of cash flows for the year ended 2020, using the indirect method. 2 Stanley Corporation Statement of Cash Flows For the Year Ended December 31, 2020
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