MUIN COMPANY Comparative Statement of Financial Position Dec. 31, 2020 Dec. 31, 2019 Assets Cash $66,000 $45,000 Accounts receivable 73,000 59,000 Inventories 130,000 91,000 Property, plant, and equipment 280,000 240,000 Accumulated depreciation (79,500) (70,000) Land 84,000 101,000 $553,500 $466,000 Liabilities and shareholders' equity Accounts payable $50,000 $47,000 Income taxes payable 13,000 15,000 Bonds payable 131,400 104,000 Common shares 210,000 180,000 Retained earnings 149,100 120,000 $553,500 $466,000 MUIN COMPANY Statement of Income For the year ended December 31, 2020 Sales revenue $430,000 Gain on sale of equipment 4,600 $434,600 Less: Cost of goods sold 210,000 Operating expenses (excluding depreciation) 67,000 Depreciation expense 44,100 Income taxes 34,000 Net income 355,100 $79,500 Additional information: 1 2 Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. Equipment costing $50,000 was sold for $20,000, which was $4,600 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 eg. (15,000)) MUIN COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD FOR THE YEAR ENDED DECEMBER 31, 2020 Calculate the amount of cash that was paid for income taxes during 2020. Cash paid for income taxes $