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G 1 K M B D E F H 1 Question 5 (20 minutes) 2 Whalen Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: m. 4 5 Whalen Inc. Income Statement 31-Dec-20 $ 881,000 570,000 311,000 s 132,660 41.220 173,880 137.120 6 7 Sales 9 Cost of goods sold 10 Gross profit 11 Operating expenses 12 Depreciation expense 13 Operating Profit Loss on sale of equipment 14 15 Investment income 16 Profit before taxes Income taxes 18 Profit 19 20 21 22 12,670 19,520 143,970 18,000 125,970 s Whalen Inc. Balance Sheet Information 31-Dec 2020 2019 Question 2 Question 3 Question 4 Net Change 10, Question 6 Intro Question 1 Question 5 Question 7 Question 8 ay Type here to search II B 22 H M N Net Change D F Balance Sheet Information 31-Dec 2020 2019 42.000 $ 23,760 25,280 8.400 87.120 31.440 113,040 77,520 25,280 75,600 75,600 94 Cash 26 Cash equivalents 27 Accounts receivable 28 Inventory 9 Investment 0 Land $ 18,240 16,880 55,680 35,520 - 25,280 1 417,820 437.340 19,520 112,050 90,960 21,090 2 3 - 36,600 Building and equipment Accumulated depreciation Accounts payable Bonds payable Preferred shares Common shares Retained earnings 25,310 18,000 11.290 18,000 80,400 404,880 132.240 80,400 401,880 65,300 66,940 7 3 During 2020, the following transactions occurred: 1. Purchased equipment for $20,500 cash 2. Sold the investment on January 1, 2020, for $11,800, resulting in investment income of $18,020, 3. Sold equipment for $7,370 cash that had originally cost $38,520 and had $20,160 of accumulated depreciation 4. Issued $21,000 of bonds payable at face value. Required: Prepare a statement of cash flows for Whalen Inc. for the year ended December 31, 2020, using the indirect method (20 marks). Intro Question 1 Question 7 Question 8 Question 2 Question 3 Question 5 Question 6 Question 4 Type here to search