Golden Lake Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash $ 15,290 1,475,260 $ 33,000 0 2,200 6,700 700 0 110 200 Short-term Investments, net Accounts Receivable, net Merchandise Inventory Office Supplies Prepaid Rent Property, Plant, and Equipment: Land Building 0 2,600 520,000 70,000 249,000 949,000 Canoes 10,080 10,080 Office Furniture and Equipment 0 70,000 (36,660) (1,450) Accumulated Depreciation-PP&E $ 3.023 690$ 352 420 1. The income statement for 2019 included the following items: a. Net income, $487,000 b. Depreciation expense for the year, $35,210. c. Amortization on the bonds payable, $300. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $1,000,000, receiving cash of $998,800. 4. The company distributed 9,000 shares of common stock in a stock dividend when the market value was $8.00 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations. Requirement Prepare the statement of cash flows for the year ended December 31, 2019, using the indirect method. (Use a not select a label or enter a zero.) Statement of Cash Flows Year Ended December 31, 2019 Cash Flows From Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Choose from any list or enter any number in the input fields and then continue to the next question. Net Cash Provided by (Used for) Operating Activities Cash Flows From Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows From Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance. Dec. 31. 2018 Choose from any list or enter any number in the input fields and then continue to the next question. Net Cash Provided by (Used for) Investing Activities Cash Flows From Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, Dec. 31, 2018 Cash Balance, Dec. 31, 2019 Non-cash Investing and Financing Activities: II Choose from any list or enter any number in the input fields and then continue to the next question. Liabilities Current Liabilities: $ 3,740 $ 1,720 Accounts Payable Utilities Payable Telephone Payable 670 270 950 350 1,500 3,900 16,000 0 630 80 350 150 Wages Payable Notes Payable Interest Payable Unearned Revenue Long-Term Liabilities: Notes Payable Mortgage Payable Bonds Payable Discount on Bonds Payable 5,760 5,760 0 540,000 1,000,000 (900) 0 0 Total Liabilities 1,571,100 9,830 Stockholders' Equity Paid-In Capital: Preferred Stock 0 Paid-In Capital in Excess of Par-Preferred 300,000 150,000 541,000 0 Common Stock 341,000 Paid-In Capital in Excess of ParCommon 80,000 381,590 0 1,590 Retained Earnings Total Stockholders' Equity 1,452,590 342,590 3,023,690 $ 352,420 $ Total Liabilities and Stockholders' Equity