December 31,20xparibalance sheets for the Beirut Corporation for the years ending for ebe 31, 20XI. Also attached is additional information available for the year ending Attached are the comparative 1,20X0 and 20x1. December 31, 20X1 for preparing the statement of REQUIRED: Prepare a statemen t of cash flows, in proper form, for Beirut Corporation for the vear ending December 31, 20XI, using the indirect method. Include a schedule of noncash investing and financing activities in your statement. Show all supporting computations BEIRUT CORPORATION COMPARATIVE BALANCE SHEETS AT DECEMBER 31, 20X0 AND 20X1 20x1 20x0 250,000S 325,000 530,000 450,000 275,000 750,000 175,000 Cash Accounts Receivable (Net) Inventories Investment in Lebanon, Inc. (under the equity method) Land Plant and Equipment Accumulated Depreciation, Plant and Equipment Goodwill 285,000 V 562,000 390,000 160,000 645,000 240,000) 230,000) 32,000 S 2,367,000 S 2,019,000 27,000 TOTAL ASSETS Accounts Payable Accrued Liabilities Notes Payable, Long Term Bonds Payable Deferred Income Taxes Common Stock, $10 par value Additional Paid In Capital Retained Earnings Treasury Stock (at cost) $ 460,000 424,000 146,000 200,000 225,000 46,000 380,000 193,000 430,000 0 25,000) 175,000 260,000 145,000 52,000 460,000 230,000 585,000 TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 2,367,000 2,019,000 10 BEIRUT CORPORATION ADDITIONAL INFORMATION AVAILABLE FOR PREPARATION OF STATEMENT OF CASH FLOWS FOR YEAR ENDING DECEMBER 31, 20x1 Beirut sold plant and equipment assets with an original cost of $100,000 and accumulated ation of $70,000 at a loss of $10,000. All other changes to the plant and equipment depreci account were due to purchases of assets for cash. Beirut purchased land with a fair market value ofs115,000 by paying $15,000 down and financing the rest by use of a long term note payable (c) Beirut Company's investment in Lebanon, Inc. is accounted for using the equity r Beirut owns 25% of River's outstanding common stock. Lebanon reported e 300,000 for the year and paid dividends of S60,000 during the year arnings of (d) Beirut's bonds payable are convertible into shares of common stock. Bonds with a face amount of $80,000 were converted by bondholders for 6,000 shares of common stock. The company did not issue or redeem any bonds during the year. (e) |Beirut issued 2,000 shares of common stock for $32,000 (f) Deferred income taxes represent temporary differences due to using accelerated depreciation (g) The company did not issue any other long term notes other than those discussed in other (h) Beirut sold all of its treasury stock for $30,000 cash for tax purposes and straight line depreciation for financial accounting purposes. transactions above. All other changes to the long term notes payable account were due to repayments. (G) Beirut paid $62,000 of dividends during the year to its stockholders. All other changes to retained earnings were due to net income earned for the period