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Please Complete in the way it fills up the boxes in the question. Don't do it other ways please. *Problem 23-01 The following are Wildhorse
Please Complete in the way it fills up the boxes in the question. Don't do it other ways please.
*Problem 23-01 The following are Wildhorse Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co Loan recevable Total assets 2020 $321,300 1,118,800 1,863,300 3,292 300 (1,153,700 ) 307,300 248,200 $6,498, 100 2019 $698,500 1,165,800 1,709,100 2,950.900 (1,030,800 ) 274,500 Increase (Decrease) $122.800 (47,000) 154,200 341,400 (122.900 ) 32,700 242,800 $730,000 $5,763,100 $951,500 49,600 100,200 559,000 (19,300) (20,200) 401,900 Accounts payable Income taxes payable Dividends payable Lease liability Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,010,500 30,300 80,000 401,900 500,000 1,496,000 2,979,400 $6,498,100 500,000 1,496,000 2,670,800 $5,768,100 303,600 $ 730,000 Additional information: 1. On December 31, 2019, Wildhorse acquired 25% of Myers Co.'s common stock for $274,600. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,098,400. Myers reported Income of $130,800 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. 2. During 2020, Wildhorse loaned $301,400 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $52,600, plus interest at 10%, on December 31, 2020. 3. On January 2, 2020, Wildhorse sold equipment costing $60,500, with a carrying amount of $38,100, for $40,000 cash. 4. On December 31, 2020, Wildhorse entered into a capital lease for an office building. The present value of the annual rental payments is $401,900, which equals the fair value of the building. Wildhorse made the first rental payment of $60,600 when due on January 2, 2021. 5. Net Income for 2020 was $388,600. 6. Wildhorse declared and paid the following cash dividends for 2020 and 2019. Declared Paid Amount 2020 December 15, 2020 February 28, 2021 $80,000 $ 2019 December 15, 2019 February 28, 2020 $100,200 Prepare a statement of cash flows for Wildhorse Corp. for the year ended December 31, 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).) WILDHORSE CORP. Statement of Cash Flows Adjustments to reconcile net income to sl sl $LStep by Step Solution
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