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= Custom .00 9 fx 2 Q1 3 Q2 B D E F H Question 1 - 2: Cash Flow Statement Based on Jan Corp's

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= Custom .00 9 fx 2 Q1 3 Q2 B D E F H Question 1 - 2: Cash Flow Statement Based on Jan Corp's financial statements, what is the Depreciation Expense of 2020? Create a Cash Flow Statement in the Excel File 5 Cash Flow Statement: The following is Jan Corp.'s comparative SFP at December 31, 2019 and 2020. Jan Corp Statement of Financial Position as of Dec 31 8 2020 2019 Change 9 Cash 46,100 41,000 5,100 0 Accounts Receivable 213,000 178,000 35,000 11 Prepaid Insurance 16,000 27,000 (11,000) 12 Inventory 298,000 262,000 36,000 13 Land 175,000 175,000 14 Equipment 1,700,000 1,800,000 (100,000) Accumulated Depreciation 15 - Equipment (1,240,000) (1,080,000) (160,000) 16 Loan Receivable 125,000 125,000 17 Total Assets ######### 18 19 Bank Loan 120,000 193,900 (73,900) 20 A/P 232,000 343,500 (111,500) 21 Income Tax Payable 37,000 36,000 1,000 22 Dividends Payable 75,000 26,600 48,400 23 Lease Liability 52,700 24 Common Shares 525,000 400,000 125,000 Common Shares Dividend 25 Distributable 52,700 (52,700) 26 Retained Earnings 291,400 175,300 116,100 + 24 Common Shares 525,000 400,000 125,000 Common Shares Dividend 52,700 (52,700) 25 Distributable 26 Retained Earnings 291,400 175,300 116,100 27 Total Liabilities and S/E ######### ####### 28 29 1. Dividend: 2020 2019 30 Dividend Amount (Cash) 75,000 26,600 31 Stock Dividend 52,700 32 Dividend Declared 15-Dec-20 18-Nov-19 33 Dividend Paid 17-Jan-21 21-Feb-20 34 35 2. Common Shares: Common Shares with market value of $125,000 was issued for Land Purchase. 36 Rest of the payment was made by Cash. 37 38 3. Equipment: On Jan 1, 2020 the company sold equipment with an original cost of 300,000. 39 The accumulated depreciation of the equipment sold was 180,000. 40 The equipment was sold for 150,000 cash. 41 All new equipment was purchased for cash in 2020. 42 Depreciation expense for 2020 was ( you have to calculate). 43 44 4. Loan Receivable The company lent 175,000 to an unrelated company on Oct 31, 2020. 45 The company did not receive any interest payment in 2020. 46 50,000 payment of principal was received on Dec 31, 2020. 47 48 5. Lease The company entered into a right-of-use lease for equipment on Dec 31, 2020. 49 The present value of annual lease payment is 62,700. 50 First lease payment of 10,000 was paid on Dec 31, 2020. 51 52 5. Net Income for 2020 191,100

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