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Accounts Receivable Inventory and supplies 17 14 15 The following comparative balance sheets 2010 & 2020 and additonal information for National Commc Assets Cash Dec.
Accounts Receivable Inventory and supplies 17 14 15 The following comparative balance sheets 2010 & 2020 and additonal information for National Commc Assets Cash Dec. 31. 2020 $152.000 Dec. 31. 2019 $44,000 48,000 42,000 20,000 38,000 Investments 0 38,000 Machines 114,000 104,000 Accumulated depreciation- Machines (20.000) (20.000) Total Assots 5314.000 $244.000 Liabilities & Stockholders Equity Note payable $74,000 $54,000 Bonds payable (long-term) 64,000 86,000 Common Stock 80,000 44,000 Retained Earnings 96.000 50.000 Total Liabilities & Stockholders' $314.000 $244.000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $58,000. 2. Sold investments for cash, cost $36,000 and resulting in $6,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable, and issuance common stock. Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020
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