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Cash Flow Statement The statement of earnings for Steel Crow Inc. for 2020 and comparative statements of financial position for Steel Crow Inc. at December

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Cash Flow Statement The statement of earnings for Steel Crow Inc. for 2020 and comparative statements of financial position for Steel Crow Inc. at December 31, 2020 and 2019 are shown below. Additional information: Property, plant and equipment were acquired for $475,000 cash in 2020. Property, plant and equipment were sold at their carrying amount in exchange for cash. Required: Prepare a complete statement of cash flows for Steel Crow Inc. hs for the year 2020. Use the indirect method for the operating section. Cash Flow Statement Steel Crow Inc. Statement of Earnings for the year ended December 31, 2020 $2,000,000 $800,000 1,200,000 Sales Cost of goods sold Gross Profit Depreciation expense Operating expenses Interest expense Earnings before tax Income tax expense Net earnings 45,000 555,000 15,000 615,000 585,000 160,000 $425,000 Steel Crow Inc. Statement of Financial Position as at December 31 2020 2019 Assets Cash Accounts receivable Inventory Prepaid expenses Property, plant and equipment, net $11,000 $56,500 35,000 20.000 9,000 17.500 4,000 5,000 1,062,000 646,000 51,121,000 $745,000 Liabilities and Shareholders' Equity Accounts payable Income tax payable Notes payable $21.500 5,000 32,500 $19,500 14.000 52.500 News Cash Flow Statement $2,000,000 $800,000 1,200,000 Sales Cost of goods sold Gross Profit Depreciation expense Operating expenses Interest expense Earnings before tax Income tax expense Net earnings 45,000 555,000 15,000 615,000 585,000 160,000 $425,000 Steel Crow Inc. Statement of Financial Position as at December 31 2020 2019 Assets Cash Accounts receivable Inventory Prepaid expenses Property, plant and equipment, net $11,000 $56,500 35,000 20,000 9,000 17,500 4,000 5,000 1,062,000 646,000 $1,121,000 $745,000 Liabilities and Shareholders' Equity Accounts payable Income tax payable Notes payable Contributed capital Retained earnings $21,500 $19.500 5,000 14,000 32,500 52,500 175.000 150.000 887.000 509,000 $1,121,000 $745,000

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