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Completion Status 3 4 The following comparative balance sheets 2019 & 2020 and addrional information for National Company are given Assets Cash Dec. 31 2020
Completion Status 3 4 The following comparative balance sheets 2019 & 2020 and addrional information for "National Company are given Assets Cash Dec. 31 2020 $156,000 Dec.11. 2019 $26,000 Accounts Receivable 52,000 48,000 Inventory and supplios 30,000 54.000 Investments 0 36,000 Machines 114.000 104.000 Accumulated depreciation-Machines (28.000) (20.000) Total Assets $324.000 $252.000 Liabilities & Stockholders' Equity $74,000 $64,000 Note payable Bonds payable (long-term) 74,000 04,000 Common Stock 80.000 44.000 Retained Earnings Total Liabilities & Stockholders' 96.000 $324.000 60.000 $252.000 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 21, 2020
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