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Mhe. a sporting goods completed its 2020 operations. Triple Flip Inc.'s balance sheet information and income statement follow. 1.061,340 5710 488,040 Sales Cost of goods

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Mhe. a sporting goods completed its 2020 operations. Triple Flip Inc.'s balance sheet information and income statement follow. 1.061,340 5710 488,040 Sales Cost of goods sold Gross Profit Operating Expenses Depreciation expenses 35,86% Other expenses 584993 Total Operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit 420.861 67.179 2.058 65.121 9.261 55.00 December 31 2020 2019 Cash $133.770 s 70,119 Accounts receivable 72.618 88.935 Merchandise inventory 445.410 480.396 Prepaid expenses 16,758 18,816 Equipment 272.685 211.680 Accumulated depreciation 106.575 91,140 Accounts payable 115,101 120.981 Current notes payable 16,905 11.025 Notes payable 110.250 80x50 Common shares 473.340 441.000 Retained carings 124.950 119.070 Additional information regarding Triple Flip Inc.'s activities during 2020: 1. Loss on sale of equipment is $2,058. 2. Equipment costing $49,980 is sold for $27,489. 3. Equipment is purchased by paying cash of $37.485 and signing a long-term note payable for the balance. 4. Borrowed $5,880 by signing a short-term not payable. 5. Reduced a long-term note payable by making a payment 6. Issued 2,940 common shares for S11 per share. 7. Declared and paid cash dividends. Required Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method, investing activities and financing activities. Show your supporting calculations. Prepare a note describing non-cash investing and financing activities Also, prepare a reconciliation of the Accumulated Depreciation Account 1

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