Current Attempt in Progress The comparative, unclassified statement of financial position for Nickle Ltd. shows the following balances at December 31: Nickle Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 21,000 $ 41,000 0 48,000 Trading investments Accounts receivable 80,000 42,000 Inventory 106,000 72,000 Land 182,000 231,000 Buildings 911,000 523,000 Accumulated depreciation-buildings (135,000) (190,000) 74,000 107,000 (46,000) (20,000) Equipment Accumulated depreciation-equipment Total assets Liabilities and Shareholders' Equity $1,226,000 $821,000 Accounts payable $ 29,000 $ 75,000 2,000 5,000 Income tax payable Interest payable 21,000 16,000 51,000 40,000 902.000 423,000 Bank loan payable-current portion Bank loan payable=non-current portion Common shares Retained earnings 163.000 183,000 58,000 79,000 Total liabilities and shareholders' equity $1,226,000 $821,000 Additional information regarding 2021: 1. Net income was $11,000. Trading investments consist of term deposits, which are short-term, highly liquid debt investments maturing, in this case, in 60 days. 2. 3. 4. 5. A loss of $25,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. A gain on disposal of $15,000 was recorded when an old building was sold for $40,000 cash. A new building was purchased for $510.000 and depreciation expense on buildings for the year was $42.000. Equipment costing $75,000 was purchased while a loss of $11,000 was recorded on equipment that originally cost $42,000 and was sold for $25,000. The company received $515,000 from new bank loans during the year. Dividends were declared and paid during the year. No common shares were issued during the year, but some were bought back and retired at the amount they were originally issued at. 6. 7. 8. (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) NICKLE LTD. Statement of Cash Flows $ Adjustments to reconcile net income to V $ $ > >