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Pina Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets
Pina Inc., had the following condensed balance sheet at the end of operations for 2019. Cash Current assets other than cash Equity invesments Plant assets (net) Land PINA INC. BALANCE SHEET DECEMBER 31, 2019 $8,600 Current liabilities 28,800 Long-term notes payable 19,900 Bonds payable 67,800 Common stock 40,200 Retained earnings $165,300 $15,000 25,600 25,000 75,000 24,700 $165,300 During 2020, the following occurred. 1. A tract of land was purchased for $9,000. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $10,000 in common stock was issued at par. 4. Dividends totaling $9,400 were paid to stockholders. et income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,300 in bonds. 7. Pina Inc. sold part of its investment portfolio for $12,800. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2020. 8. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) PINA INC. Statement of Cash Flows Adjustments to reconcile net income to
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