Debits Credits 12/31/2019 148,000 104,000 0 24,000 280,000 800,000 272,000 1,628,000 12/31/2020 216,000 272,000 216,000 16,000 180,000 800,000 772,000 2,472,000 28 129 DIRECT METHOD 130 131 132 Cash 133 Accounts Receivable 134 Inventory 135 Prepaid Insurance 136 Land 137 Buildings 138 Equipment 139 140 141 Accumulated Depreciation, Buildings 142 Accumulated Depreciation, Equipment 143 Accounts Payable 144 Bonds Payable 145 Common Stock ($1 par) 146 Retained Earnings 147 148 149 Income Statement Section 150 Revenues 151 Cost of Goods Sold 152 Operating Expenses 153 Interest Expense 154 Loss on sale of equipment 155 Income tax expense 156 Net Income 157 158 159 Cash Flow Section 16 44,000 40,000 160,000 600,000 240,000 544,000 1,628,000 84,000 112,000 132,000 440,000 880,000 824,000 2,472,000 Debits Credits 12/31/2019 148,000 104,000 0 24,000 280,000 800,000 272,000 1,628,000 12/31/2020 216,000 272,000 216,000 16,000 180,000 800,000 772,000 2,472,000 28 129 DIRECT METHOD 130 131 132 Cash 133 Accounts Receivable 134 Inventory 135 Prepaid Insurance 136 Land 137 Buildings 138 Equipment 139 140 141 Accumulated Depreciation, Buildings 142 Accumulated Depreciation, Equipment 143 Accounts Payable 144 Bonds Payable 145 Common Stock ($1 par) 146 Retained Earnings 147 148 149 Income Statement Section 150 Revenues 151 Cost of Goods Sold 152 Operating Expenses 153 Interest Expense 154 Loss on sale of equipment 155 Income tax expense 156 Net Income 157 158 159 Cash Flow Section 16 44,000 40,000 160,000 600,000 240,000 544,000 1,628,000 84,000 112,000 132,000 440,000 880,000 824,000 2,472,000