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fast pless 8 9 10 11 12 13 14 15 The following comparative balance sheets 2019 & 2020 and additional information for National Company are
fast pless
8 9 10 11 12 13 14 15 The following comparative balance sheets 2019 & 2020 and additional information for National Company" are given: Assets Cash Accounts Receivable Inventory and supplies Investments Machines Accumulated depreciation- Machines Total Assets Dec. 31, 2020 $312,000 104,000 60,000 0 228,000 (56,000) Dec. 31, 2019 $52,000 96,000 116,000 72,000 208,000 (40,000) $648,000 $504,000 Liabilities & Stockholders' Equity. Note payable 148,000 108,000 Bonds payable (long-term) 148,000 188,000 Common Stock 160,000 88,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders' $648,000 $504,000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000. 2. Sold investments for cash, cost $72,000 and resulting in $12,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable; and issuance common stock. Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020
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