Bramble House Inc. had the following condensed statement of financial position at December 31, 2019: BRAMBLE HOUSE INC. Statement of Financial Position December 31, 2019 Cash Current assets (non-cash) Bond investment at amortized cost Plant assets (net) Land $10,950 34,150 40,700 57,850 38,600 $182,250 Current liabilities Long-term notes payable Bonds payable Common shares Retained earnings $14,850 30,950 32,100 80,700 23,650 $182,250 Bramble House Inc. follows IFRS and chooses to classify dividends paid as financing activities and interest paid as operating activities on the statement of cash flows. During 2020, the following occurred: 1. 2. 3. 4. 5. Bramble House Inc. sold part of its investment portfolio in bonds for $16,300, resulting in a gain of $240. Dividends totalling $16,700 were paid to shareholders. A parcel of land, to be used as a parking lot, was purchased for $4,200. Common shares were issued for cash totalling $19,200. Bonds payable of $8,800 were retired at par. Equipment was purchased through the issuance of $31,000 of bonds. Net income for 2020 was $44,000 after allowing for depreciation on Bramble House Inc's plant assets of $14.400. The amount of interest paid during 2020 was $4,190 and the amount of income taxes paid was $19,600. Both current assets (other than cash) and current liabilities remained at the same amount. 6. 7. 8. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) BRAMBLE HOUSE INC. Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2020 Cash Flows from Operating Activities S Net Income (Loss Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Gain on Disposal of Investment In Bonds $ Net Cash Provided by Operating Actlyitles Cash Flows from Investing Activitles Proceeds on Sale of Investment In Bonds Purchase of Land Net Cash Provided by investing Activities Cash Flows from Financing Activities Dividends Pald > Proceeds from Issuance of Common Shares Payments to Retire Bonds Payable Net Cash Provided by Financing Activitles Net Increase in Cash $ Supplemental disclosures of cash flow information: $ Net Income /(Loss) Proceeds on Sale of Investment In Bonds Dividends Pald Purchase of Land Sale of Land Payments to Retire Bonds Payable Cash Pald During the Year for Income Taxes Loss on Disposal of Investment In Bonds Cash Pald During the Year for interest Proceeds from Issuance of Common Shares Depreciation Expense Pd Issuance of Bonds for Equipment liq Cain on Disposal of Investment In Bonds tion at December 31, 2020, for Bramble House Inc. (List Assets in order of Prepare a condensed statement of financial position at December 31, 2020, for Bramble House Inc. (List Assets in order of liquidity) BRAMBLE HOUSE INC Statement of Financial Position December 31, 2020 Assets Cash OP 51120 Current Assets Other than Cash 34150 Bond Investment at Amortized Cost 24640 Plant Assets (Net) 74450 Land 42800 $ 227160 Liabilities and Equity Current Liabilitles $ 14850 Long-Term Notes Payable 30950 Bonds Payable 54300 Common Shares 99900 Retained Earnings 27160 S 227160