E14.8 (LO 2) Here are comparative statements of financial position for Syal SE Syal SE Comparative...

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E14.8 (LO 2) Here are comparative statements of financial position for Syal SE Syal SE Comparative Statements of Financial Position December 31 Assets Land Equipment Accumulated depreciation-equipment Inventory Accounts receivable Cash Total 2020 2019 73,000 100,000 260,000 (66,000) 200,000 (34,000) 170,000 187,000 85,000 71,000 73,000 33,000 595,000 557,000 Equity and Liabilities Share capital-ordinary (1 par) 216,000 174,000 Retained earnings 194,000 136,000 Bonds payable 150,000 200,000 Accounts payable 35,000 47,000 595.000 557,000 Total Additional information: 1. Net income for 2020 was 103,000. 2. Depreciation expense was 32,000 3. Cash dividends of 45,000 were declared and paid. 4. Bonds payable amounting to 50,000 were redeemed for cash 50,000. 5. Ordinary shares were issued for 42,000 cash. 6. No equipment was sold during 2020. 7. Land was sold for its book value of 27,000 Instructions Prepare a statement of cash flows for 2020 using the indirect method E14.8 (LO 2) Here are comparative statements of financial position for Syal SE Syal SE Comparative Statements of Financial Position December 31 Assets Land Equipment Accumulated depreciation-equipment Inventory Accounts receivable Cash Total 2020 2019 73,000 100,000 260,000 (66,000) 200,000 (34,000) 170,000 187,000 85,000 71,000 73,000 33,000 595,000 557,000 Equity and Liabilities Share capital-ordinary (1 par) 216,000 174,000 Retained earnings 194,000 136,000 Bonds payable 150,000 200,000 Accounts payable 35,000 47,000 595.000 557,000 Total Additional information: 1. Net income for 2020 was 103,000. 2. Depreciation expense was 32,000 3. Cash dividends of 45,000 were declared and paid. 4. Bonds payable amounting to 50,000 were redeemed for cash 50,000. 5. Ordinary shares were issued for 42,000 cash. 6. No equipment was sold during 2020. 7. Land was sold for its book value of 27,000 Instructions Prepare a statement of cash flows for 2020 using the indirect method