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Ivanhoe Inc. had the following balance sheet at December 31, 2019. Cash $33,250 Accounts receivable Investments Plant assets (net) Land IVANHOE INC. BALANCE SHEET DECEMBER
Ivanhoe Inc. had the following balance sheet at December 31, 2019. Cash $33,250 Accounts receivable Investments Plant assets (net) Land IVANHOE INC. BALANCE SHEET DECEMBER 31, 2019 $23,250 Accounts payable 24,450 Notes payable (long-term) 35,250 Common stock 81,000 Retained earnings 43,250 $207,200 44.250 103,250 26.450 $207,200 During 2020, the following occurred. 1. 2. 3. 4. Ivanhoe Inc. sold part of its debt investment portfolio for $16,367. This transaction resulted in a gain of $4,767 for the firm. The company classifies these investments as available-for-sale. A tract of land was purchased for $16,250 cash. Long-term notes payable in the amount of $17,367 were retired before maturity by paying $17,367 cash. An additional $21,367 in common stock was issued at par. Dividends of $9,567 were declared and paid to stockholders. Net income for 2020 was $35,250 after allowing for depreciation of $12,367. Land was purchased through the issuance of $38,250 in bonds. At December 31, 2020, Cash was $40,250, Accounts Receivable was $44,850, and Accounts Payable remained at $33,250. 5. 6. 7. 8. Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE INC. Statement of Cash Flows $ Adjustments to reconcile net income to > $
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