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MIGITSU COMPANY Comparative Balance Sheets December 31 Assets 2020 Cash $72,000 Accounts receivable 88,000 Inventories 172,000 Land 71,000 Equipment 261,000 Accumulated depreciation (64,000) Total $600,000 Liabilities and Stockholders' Equity Accounts payable $33,000 Bonds payable 150,000 Common stock ($1 par) 218,000 Retained earnings 199,000 Total $600,000 2019 $23,000 74,000 193,000 101,000 202,000 (30,000) $563,000 $52,000 213,000 175,000 123,000 $563,000 Additional information: 1. Net income for 2020 was $ 108,000. 2. Cash dividends of $32,000 were declared and paid. 3. Bonds payable amounting to $63,000 were redeemed for cash $63,000. 4. Common stock was issued for $43,000 cash 5. Equipment that cost $49,000 and had a book value of $29,400 was sold for $34,400 during 2020; land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis e.g. (15,000).) MIGITSU COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 sto Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Inventory Depreciation Expense Gain on Disposal of Equipment Increase in Accounts Payable Increase in Accounts Receivable Increase in Inventory Issuance of Common Stock Loss on Disposal of Equipment Net Income Payment of Cash Dividends Purchase of Equipment Purchase of Land Redemption of Bonds Sale of Equipment Sale of Land Sale of Bonds Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with eith eg.-15,000 or in parenthesis eg. (15,000).) MIGITSU COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 $ Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities $ $ >