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Completion Status: The following comparative balance sheets 2019 & 2020 and additional information for National Company are given Assets Dec. 31, 2020 Dec. 31, 2019
Completion Status: The following comparative balance sheets 2019 & 2020 and additional information for "National Company" are given Assets Dec. 31, 2020 Dec. 31, 2019 Cash $152,000 $44,000 Accounts Receivable 48,000 42,000 Inventory and supplies 28,000 38,000 Investments 0 36,000 Machines 114,000 104,000 Accumulated depreciation- (28,000) (20,000) Machines Total Assets $314,000 $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 60,000 Total Liabilities & Stockholders' Equity $314,000 $244,000 come Statement & Additional information: Net income for the current year ending December 31, 2020 is $58,000. Sold investments for cash, cost $36,000 and resulting in $6,000 gain The only changes affecting retained earnings are net income and cash dividends paid. All the following transactions are in cash: Purchased new machines; repay bonds payable, and issuance common stock 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. ASUS
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