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I NEED HELP PLEASE. WITH THE CORRECT FORMAT AND ACCOUNT TITLES PLEASE The following are Blue Corps comparative balance sheet accounts at December 31, 2020
I NEED HELP PLEASE. WITH THE CORRECT FORMAT AND ACCOUNT TITLES PLEASE
The following are Blue Corps comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable $820,300 1,127,000 1,834,200 3,337,200 (1,168,700) 311,100 248,200 $6,509,300 $699,900 1,177,500 1,706,800 2,979,400 (1,042,800) 274,200 Increase (Decrease) $120.400 (50,500) 127,400 357,800 (125,900) 36,900 248.200 $714,300 Total assets $5,795,000 $949,100 49,900 99,600 $63,300 (19,700) (20,000) 417,700 Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,012,400 30,200 79,600 417,700 500,000 1,494,000 2,975,400 $6,509,300 500,000 1,494,000 2,702,400 $5,795,000 273,000 $714,300 Additional information: 1. 2. 3. On December 31, 2019, Blue acquired 25% of Myers Co's common stock for $274,200. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,096,800. Myers reported income of $147,600 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. During 2020, Blue loaned $318,000 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $69,800, plus interest at 10%, on December 31, 2020. On January 2, 2020, Blue sold equipment costing $59,900, with a carrying amount of $37,800, for $39,800 cash. On December 31, 2020, Blue entered into a capital lease for an office building. The present value of the annual rental payments is $417,700, which equals the fair value of the building. Blue made the first rental payment of $60,500 when due on January 2, 2021. Net income for 2020 was $352,600. Blue declared and paid the following cash dividends for 2020 and 2019. 4. 5. 6. 2020 2019 Declared Paid Amount December 15, 2020 February 28, 2021 $79,600 December 15, 2019 February 28, 2020 $99,600 Prepare a statement of cash flows for Blue Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) BLUE CORP. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ $Step by Step Solution
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