MUIN COMPANY Comparative Statement of Financial Position Dec. 31, 2020 Dec. 31, 2019 Assets Cash $66,000 $46,000 Accounts receivable 70,000 53,000 Inventories 120,000 97,000 Property, plant, and equipment 280,000 230,000 Accumulated depreciation (79,500) (70,000) Land 86,000 102,000 $542,500 $458,000 Liabilities and shareholders' equity Accounts payable $54,000 $43,000 Income taxes payable 11,000 17,000 Bonds payable 96,200 78,000 Common shares 230,000 190,000 Retained earnings 151,300 130,000 $542,500 $458,000 MUIN COMPANY Statement of Income For the year ended December 31, 2020 Sales revenue $410,000 Gain on sale of equipment 4,500 $414,500 Less: Cost of goods sold 200,000 Operating expenses (excluding depreciation) 61,000 Depreciation expense 44,000 Income taxes 35,000 340,000 Net income $74,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. 2. Equipment costing $46,000 was sold for $16,000, which was $4,500 more than its book value at the time of disposal. Prepare the company's statement of cash flows for 2020 using the indirect method. Assume Muin follows IFRS and has chosen to classify dividends paid as financing activities. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) MUIN COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD FOR THE YEAR ENDED DECEMBER 31, 2020 $ $ e Textbook and Media Calculate the amount of cash that was paid for income taxes during 2020. Cash paid for income taxes