Intermediate accounting 1 Journalize the following annual adjsuting entries Drop down menu: accounts payble accounts receivable accumulated depreciation-eqipment cash common stock cost of goods sold depreciation expense equipment insurance expense interest expense interest payable notes payable prepaid insurance rent expense retained earnings salaries and wages expense salaries and wages payable service revenue supplies unearned service revenue

Lansbury Inc. had the following balance sheet on December 31, 2019. Instructions Prepare a statement of cash flows for 2020. S Assets Cash Accounts receivable Investments Plant assets (net) Land $ LANSBURY INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net income $ 32,000 Adjustments to reconcile net income to net cash provided by operating activities: LANSBURY INC. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity 20,000 Accounts payable 21,200 Notes payable (long-term) 32,000 Common stock 81,000 Retained earnings 40,000 194,200 30,000 41,000 100,000 23,200 194,200 $ $ During 2020, the following occurred: Net cash provided (used) by operating activities 32,000 Cash Flows from Investing Activities 1 Lansbury Inc. sold part of its debt investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for-sale. 2 Atract of land was purchased for $13,000 cash. 3 Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash. 4 An additional $20,000 in common stock was issued at par. 5 Dividends of $8,200 were declared and paid to stockholders. 6 Net income for 2020 was $32,000 after allowing for depreciation of $11,000. 7 On December 31, 2020, cash was $37,000, accounts receivable was $41,600, and accounts payable remained at $30,000. Net cash provided (used) by investing activities Cash Flows from Financing Activities Net cash provided (used) by financing activities Net increase in cash Cash at beginning of year Cash at end of year 32,000 20,000 52,000 $