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Dayton Company had the following comparative balance sheet information for 2020: 12/31/2019 12/31/2020 Cash $3,000 $2,000 Accounts Receivable 9,000 12,000 Merchandise Inventory 18,000 22,000 Available
Dayton Company had the following comparative balance sheet information for 2020: 12/31/2019 12/31/2020 Cash $3,000 $2,000 Accounts Receivable 9,000 12,000 Merchandise Inventory 18,000 22,000 Available for Sale Securities 1,000 1,600 Equipment 90,000 96,000 Accumulated Depreciation -10,000 -14,600 Total Assets $111,000 $119,000 $4,000 100 6,300 30,000 1,800 20,000 17,800 39.000 $119,000 Accounts Payable $7,600 Interest Payable 600 Income Taxes Payable 4,800 Bonds Payable 40,000 Premium on Bonds Payable 2,000 Common Stock, $10 par 15,000 Paid in Capital in Excess of Par 13,000 Retained Earnings 28.000 Total Liab & Stock Equity $111,000 Dayton also prepared the following income statement for 2020: Sales Cost of Goods Sold Gross Profit Operating Expenses Wages Depreciation Utilities Supplies Income From Operations Other Revenues Gain on Sale of Assets Other Expenses Interest Expense Income Before Income Tax Income Tax Expense Net Income $120,000 - 50,000 70,000 $20,000 14,000 12,000 2,100 - 48,100 21,900 + 1,600 - 2.500 21,000 6,300 $14,700 Additional Information for Year 7: a. Purchased $900 of Available for Sale Securities. b. Sold equipment which cost $13,400 for $4,900. The equipment had a book value of $4,000. c. Paid off $10,000 of bonds payable on the due date. d. Declared and paid cash dividends during the year. e. Exchanged 300 shares of common stock for $5,700 of equipment. f. Sold 200 shares of common stock for $20.50 per share in cash. g. Sold $300 of Available for Sale Securities for $1,000 in cash. h. Amortized $200 of the Premium on Bonds Payable. Use the indirect method to prepare the statement of cash flows for Dayton Company for the year ended December 31, 2020. Include the supplemental disclosures at the bottom of the statement
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