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Could use some help, Thanks! The following are Teal Corp.'s comparative balance sheet accounts at December 31,2020 and 2019 , with a column showing the
Could use some help, Thanks!
The following are Teal Corp.'s comparative balance sheet accounts at December 31,2020 and 2019 , with a column showing the increase (decrease) from 2019 to 2020. 1. On December 31, 2019, Teal acquired 25% of Myers Co.'s common stock for $272,900. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,091,600. Myers reported income of $151,600 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. 2. During 2020. Teal loaned $276,200 to TLC Co, an unrelated company. TLC made the first semiannual principal repayment of $27,100, plus interest at 10%, on December 31,2020. 3. On January 2, 2020. Teal sold equipment costing $60,400, with a carrying amount of $37,600, for $39,800 cash. 4. On December 31,2020, Teal entered into a capital lease for an office building. The present value of the annual rental payments is $376,400, which equals the fair value of the building. Teal made the first rental payment of $59,900 when due on January 2,2021 5. Net income for 2020 was $345,700. 6. Teal declared and paid the following cash dividends for 2020 and 2019. Prepare a statement of cash flows for Teal Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. 15,000 or in parenthesis eg. (15,000) ) Step by Step Solution
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