Exercise 5-11

Concord Corp.s statement of financial position at the end of 2019 included the following items:

Current assets		$1,305,000			Current liabilities		$1,337,100
Land		30,300			Bonds payable		1,141,000
Buildings		1,310,000			Common shares		183,000
Equipment		325,000			Retained earnings		194,000
Accumulated depreciationbuildings		(144,000	)
Accumulated depreciationequipment		(12,500	)
Intangible assetspatents		41,300
Total		$2,855,100			Total		$2,855,100

The following information is available for the 2020 fiscal year:

1.		Net income was $397,000.
2.		Equipment (cost of $20,800 and accumulated depreciation of $8,170) was sold for $11,100.
3.		Depreciation expense was $4,200 on the building and $9,020 on equipment.
4.		Amortization expense on a patent was $3,120.
5.		Current assets other than cash increased by $25,000. Current liabilities increased by $14,000.
6.		An addition to a building was completed at a cost of $31,900.
7.		An FV-OCI investment in shares was purchased for $20,900 on the last day of the year. This was the first such investment made by Concord in its history.
8.		Bonds payable of $77,000 were issued at par.
9.		Cash dividends of $183,000 were declared and paid. Dividends paid are treated as financing activities.

Concord prepares financial statements in accordance with IFRS.

A ) Prepare a statement of financial position (SFP) as at December 31, 2020. B) Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method.