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Bridgeport Corporations balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480 Land

Bridgeport Corporations balance sheet at the end of 2019 included the following items.

Current assets (Cash $ 82,000) $ 236,480 Current liabilities $ 151,480
Land 32,960 Bonds payable 101,480
Buildings 121,480 Common stock 182,960
Equipment 92,960 Retained earnings 46,960
Accum. depr.-buildings ( 31,480 ) Total $ 482,880
Accum. depr.-equipment ( 11,000 )
Patents 41,480
Total $ 482,880

The following information is available for 2020.

1. Net income was $ 54,810.
2. Equipment (cost $ 21,480 and accumulated depreciation $ 9,480) was sold for $ 11,480.
3. Depreciation expense was $ 5,480 on the building and $ 10,480 on equipment.
4. Patent amortization was $ 2,500.
5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,480.
6. An addition to the building was completed at a cost of $ 28,480.
7. A long-term investment in stock was purchased for $ 16,000.
8. Bonds payable of $ 52,960 were issued.
9. Cash dividends of $ 30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $ 11,000.

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Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Cash Flows from Investing Activities Sale of Equipment 11480 Addition to Building -28480 Investment in Stock - 16000 Net Cash Used by Investing Activities -33000 Cash Flows from Financing Activities Issuance of Bonds 52960 Payment of Dividends -30000 Purchase of Treasury Stock - 11000 11960

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