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Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. -/13 MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020

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Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. -/13 MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $73,000 Accounts receivable 86,000 Inventories 171.000 Land 73.000 Equipment 257,000 Accumulated depreciation (66,000) Total $594,000 Liabilities and Stockholders' Equity Accounts payable $37.000 Bonds payable 148,000 Common stock ($1 par) 215.000 Retained earnings 194,000 Total $594.000 2019 $22,000 78,000 193,000 99,000 202,080 (30,000) $564,000 $46,000 209.000 172.000 137.000 $564,000 Additional information: 1. Net income for 2020 was $88,000 2. Cash dividends of $31.000 were declared and paid. 3. Bonds payable amounting to $61.000 were redeemed for cash $61.000. 4. Common stock was issued for $43,000 cash. 5. Equipment that cost $50,000 and had a book value of $30,000 was sold for $37,000 during 2020; and was sold at cost. Prepare a statement of cash flows for 2020 using the indirect metod. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis es (15,000 Prepare a statement of cash flows for 2020 using the indirect method (Show amounts that decrease cash flow with either a sign es -15,000 or in parenthesis es (15,0001) MIGITSU COMPANY Statement of Cash Flows Adjustments to reconcile net income to $ . A 6 & 7 * 2 3 B 5 0 W E R Y U ** D I G J S K X C V B N M V - * mand Command

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