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Culver Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,730 Current liabilities $ 151,730 Land
Culver Corporation's balance sheet at the end of 2019 included the following items. Current assets (Cash $ 82,000) $ 236,730 Current liabilities $ 151,730 Land 32,040 Bonds payable 101,730 Buildings 121,730 Common stock 182,040 Equipment 92,040 Retained earnings 46,040 Accum. depr.-buildings (31,730) Total $ 481,540 Accum. depr.-equipment ( 11,000 ). Patents 41,730 Total $ 481,540 The following information is available for 2020. 1. Net income was $ 56,660. 2. Equipment (cost $ 21,730 and accumulated depreciation $ 9,730) was sold for $ 11,730. 3. Depreciation expense was $5,730 on the building and $ 10,730 on equipment. 4. Patent amortization was $ 2,500. 5. Current assets other than cash increased by $ 29,000. Current liabilities increased by $ 14,730. 6. An addition to the building was completed at a cost of $ 28,730. 7. A long-term investment in stock was purchased for $ 16,000. 8. Bonds payable of $ 52,040 were issued. 9. Cash dividends of $ 30,000 were declared and paid. 10. Treasury stock was purchased at a cost of $ 11,000. 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).) CULVER CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 56,660 Adjustments to reconcile net income to Net Cash Provided by Operating Activities A Depreciation Expense $ 16,460 Patent Amortization 2,500 Loss on Sale of Equipment 270 Increase in Current Assets (Other than Cash) A (29,000) Increase in Current Liabilities 14,730 4,960 Net Cash Provided by Operating Activities 61,620 Cash Flows from Investing Activities Sale of Equipment 11,730 Addition to Building (28,730) Investment in Stock (16,000) Net Cash Used by Investing Activities (33,000) Cash Flows from Financing Activities Issuance of Bonds 52,040 Purchase of Treasury Stock (11,000) Payment of Dividends (30,000) Net Cash Provided by Financing Activities 11,040 Net Increase in Cash 39,660 Cash at Beginning of Period 82,000 Cash at End of Period tA 121,660 Prepare a balance sheet at December 31, 2020. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.) CULVER CORPORATION Balance Sheet Assets $ Liabilities and Stockholders' Equity $ e Textbook and Media
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