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The comparative, unclassified statement of financial position for Sheridan Ltd, shows the following balances at December 31: Sheridan Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 12.000 $ 33,000 Trading investments 0 43,000 Accounts receivable 77,000 42,000 Inventory 104,000 71,000 Land 189,000 234,000 w Buildings 921,000 528,000 Accumulated depreciation-buildings (140,000) (192,000) Equipment 99,000 69.000 Accumulated depreciation-buildings (140,000) (192,000) Equipment 99,000 69,000 Accumulated depreciation equipment (46,000) (21,000) Total assets $1,216.000 $807.000 Liabilities and Shareholders' Equity Accounts payable $ 29,000 $ 75,000 Income tax payable 4,000 6,000 Interest payable 21,000 13,000 Bank loan payable-current portion 52,000 40,000 no Bank loan payable-non-current portion 902,000 423,000 Common shares 162,000 182,000 Retained earnings 46,000 68,000 Common shares 162,000 182,000 Retained earnings 46,000 68,000 Total liabilities and shareholders' equity $1,216,000 $807,000 Additional information regarding 2021: 1. Net income was $11,000 Trading investments consist of term deposits, which are short-term, highly liquid debt investments maturing, in this case, in 60 days. 2 . 4. A loss of $21,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. Again on disposal of $18,000 was recorded when an old building was sold for $45,000 cash. A new building was purchased for $515,000 and depreciation expense on buildings for the year was $43,000. Equipment costing $73,000 was purchased while a loss of $13,000 was recorded on equipment that originally cost $43,000 and was sold for $21,000. 5. Additional information regarding 2021 1 2 3. 3 4. Net income was $11,000 Trading investments consist of term deposits, which are short-term highly liquid debt investments maturing, in this case, in 60 days A loss of $21,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. Again on disposal of $18,000 was recorded when an old building was sold for $45,000 cash. A new building was purchased for $515,000 and depreciation expense on buildings for the year was $43,000. Equipment costing $73,000 was purchased while a loss of $13,000 was recorded on equipment that originally cost $43,000 and was sold for $21.000. The company received $516,000 from new bank loans during the year. Dividends were declared and paid during the year. No common shares were issued during the year, but some were bought back and retired at the amount they were originally issued at 5 5. 6. 7. 8. 8 Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signes. -15,000 or in parenthesis eg. (15,000).) SHERIDAN LTD. Statement of Cash Flows Adjustments to reconcile net income to I > > > > $ I 5 Attempts: 0 of 1 used Submit Answer Save for Later