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Current Attempt in Progress Selected financial statement information and additional data for Ivanhoe Co. is presented below. December 31 2019 2020 Cash $41,000 $65,600 Accounts

Current Attempt in Progress

Selected financial statement information and additional data for Ivanhoe Co. is presented below.

December 31
2019 2020
Cash $41,000 $65,600
Accounts receivable (net) 83,000 142,000
Inventory 169,000 207,000
Land 55,000 20,000
Equipment 500,000 786,000
TOTAL $848,000 $1,220,600
Accumulated depreciation $82,000 $114,000
Accounts payable 48,000 86,000
Notes payable - short-term 65,000 29,000
Notes payable - long-term 168,000 301,000
Common stock 418,000 488,000
Retained earnings 67,000 202,600
TOTAL $848,000 $1,220,600

Additional data for 2020:
1. Net income was $217,000.
2. Depreciation was $32,000.
3. Land was sold at its original cost.
4. Dividends of $81,400 were paid.
5. Equipment was purchased for $83,000 cash.
6. A long-term note for $203,000 was used to pay for an equipment purchase.
7. Common stock was issued to pay a $70,000 long-term note payable.

Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

image text in transcribed

image text in transcribed

Ivanhoe Co. Statement of Cash Flows $ Adjustments to reconcile net income to v v $ V > S

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