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Exercise 5-16 A comparative balance sheet for Coronado Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities
Exercise 5-16 A comparative balance sheet for Coronado Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,660 $ 22,000 83,490 67,830 181,490 190,830 72,490 111,830 261,490 201,830 (70,490) (43,830) $601,130 $550,490 $ 35,490 150,000 214,000 201,640 $601,130 $ 48,830 200,000 164,000 137,660 $550,490 Additional information: 1. Net income for 2020 was $127,980. No gains or losses were recorded in 2020. 2. Cash dividends of $64,000 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Prepare a statement of cash flows for 2020 for Coronado Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Issued common stock to retire $ of bonds outstanding
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