Current Attemptin Progress The following are Sunland Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020 COMPARATIVE BALANCE SHEETS 2020 2019 Cash $813.400 $705,900 Increase (Decrease) $107.500 (33 200 Accounts receivable 1.123.400 Inventory 1,863,500 1.156,600 1,731,800 2,988,100 131,700 Property, plant, and equipment 3,302,300 314.200 (1.162.900) (1,033,700 Accumulated depreciation Investment in Myers Co Loan receivable (129,200) 30,500 307.100 276,600 252,200 252,200 Total assets $6,499,000 $5,825,300 $673,700 29 102 16 $1,015,600 $946,000 $69,600 30.100 49,800 (19.700) 79.200 100,900 (21.700) Accounts payable Income taxes payable Dividends payable Lease liability Common stock. $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity 373,600 373,600 500,000 500,000 1,513,500 1,513,500 2.987,000 2.715,100 271.900 $6,499.000 $5,825,300 $673,700 Additional Information 1 2 3. On December 31, 2019, Sunland acquired 25% of Myers Co's common stock for $276,600. On that date, the carrying value of Myers's assets and abilities, which approximated their fair values, was 1.106.400. Myers reported income of 5122.000 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year During 2020, Suntand loaned $273,800 to TLC Co, an unrelated company. TLC made the first semiannual principal repayment of $21,600, plus interest at 10%, on December 31, 2020 On January 2, 2020, Sunland sold equipment costing $59,400, with a carrying amount of $37.900, for $40,400 cath. On December 31, 2020, Sunland entered into a capital tease for an office building. The present value of the annual rental payments is $373,600, which equals the fair value of the building Sunland iade the first rental payment of $59,400 when due on January 2 2021 Net income for 2020 was $351,100. Sunland declared and paid the following cash dividends for 2020 and 2019. 4 5. 6. 2020 2019 Declared December 15, 2020 December 15, 2019 Paid February 28, 2021 February 28, 2020 Amount $79,200 $100,900 Prepare a statement of cash flows for Sunland Corp. for the year ended December 31, 2020, using the indirect metho amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000). SUNLAND CORP. Statement of Cash Flows Adjustments to reconcile net income to $ + 4 + $ e Textbook and Media