Metlock Inc. had the following balance sheet at December 31, 2019. Cash Accounts receivable Investments Plant assets (net) Land METLOCK INC. BALANCE SHEET DECEMBER 31, 2019 $24,160 Accounts payable 25,360 Notes payable (long-term) 36,160 Common stock 81,000 Retained earnings 44.160 $210,840 $34.160 45.160 104 160 27,360 $210,840 1. During 2020, the following occurred. Metlock Inc. sold part of its debt investment portfolio for $18, 112. This transaction resulted in a gain of $6,512 for the firm. The company classifies these investments as available-for-sale. Atract of land was purchased for $17,160 cash. Long-term notes payable in the amount of $19,112 were retired before maturity by paying $19.112 cash. An additional $23.112 in common stock was issued at par. 5. Dividends of $11,312 were declared and paid to stockholders. Net income for 2020 was $36,160 after allowing for depreciation of $14.112. 7. Land was purchased through the issuance of $39,160 in bonds. At December 31, 2020. Cash was $41,160, Accounts Receivable was $45,760, and Accounts Payable remained at $34.160. 2. 3. 4 6. 8. Metlock Inc. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net Income $36.160 Adjustments to reconcile net income to Net cash provided by operativie activities: Depreciation Expenses $14.112 Gain on sale of investments -S6,512 Increase in Accounts receivable -$20,400 -$12.800 Net cash provided by operating activities $23,360 Cash flows from investing activities Sale of investments Purchase of land Net cash flow provided by investing activities $18.112 -$17,160 $952 Cash flows from financing activities Payment of long-term note payable Issuance of Common Stock Payment of cash dividend Net cash used for financing activities -$19,112 $23.112 -$11,312 -$7,312 Net increase in cash Add: Cash at the beginning of the year Cash at the end of the year Noncash investing and financing activities Land purchased through issuance of $39,160 of bonds $17,000 $24,160 $41,160 Prepare an unclassified balance sheet as it would appear at December 31, 2020. (List Assets in order of liquidity.) METLOCK INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $