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MUIN COMPANY Comparative Statement of Financial Position Dec 31, 2020 Dec 31, 2019 Assets Cash $66,000 $46,000 Accounts receivable 70,000 53,000 Inventories 120,000 97.000 Property, plant, and equipment 280,000 230,000 Accumulated depreciation (79.500) 170.000) 102.000 Land 86,000 $542,500 $458,000 $54,000 $43,000 11.000 17,000 Liabiliti shareholders equity Accounts payable Income taxes payable Bonds payable Common shares Retained earnings 96,200 78,000 230,000 190,000 151,300 130,000 $542.500 $458,000 MUIN COMPANY Statement of Income For the year ended December 31, 2020 Sales revenue $410,000 Gain on sale of equipment 4,500 $414,500 200,000 Less Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense 61.000 44,000 Income taxes 35,000 340,000 Net Income $74,500 Additional information: Some of the land was sold at book value for carrying value). As a result, there was no gain or loss on this transaction Equipment costing 546,000 was sold for $16,000, which was $4.500 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 classity dividends paid as financing activities (Show amounts that decrease cash flow with either o - signes. - 15,000 or in parenthesis es. (15,000).) MUIN COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD FOR THE YEAR ENDED DECEMBER 31, 2020 s from Operating Activities ne 24500 tion Expense 44000 ale of Equipment 14500 In Accounts Receivable 17.000 In Inventories 123.000 in Accounts Payable 11000 in locome Taxes Payable 15.000 Provided by Operating Activities $ 79000 Ns from Investing Activities from the sale of Land 16.000 from the sale of Equipment 16.000 of Property. Plant, and Equipment 096000 Used for investing Activities 1640002 s from Financing Activities from Issuing Bonds Payable 181200 from Issuing Common Shares GO of Dividends 03.2001 Provided by Financing Activities 5000 vge in Cash 20.000 Inning Balance 16000 Ing Balance 60000 Your answer is incorrect. Calculate the amount of cash that was paid for income taxes during 2020. Cash paid for income taxes $ 41,000 eTextbook and Media Car