Please help with the empty boxes!!
The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31: 0 Cullumber Ltd. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 5,000 $ 34,000 Term deposits (maturing in 60 days) 47,000 Accounts receivable 83,000 43,000 Inventory 103,000 70,000 Land 181,000 232,000 Buildings 933,000 524,000 Accumulated depreciation-buildings (134,000) (189,000) Equipment 106,000 74,000 Accumulated depreciation-equipment (54,000) (24,000) Total assets $1,223,000 $811,000 Liabilities and Shareholders' Equity Accounts payable $ 29,000 $ 74,000 Income tax payable 2,000 6,000 Interest payable 21,000 14,000 Bank loan payable-current portion 53,000 43,000 Bank loan payable-non-current portion 907,000 420,000 Common shares 160,000 180,000 Retained earnings 51,000 74,000 Total liabilities and shareholders' equity $1,223,000 $811,000 Additional information regarding 2018: 1. Net income was $11,000. 2. A loss of $23,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $17,000 was recorded when old building was sold for was sold for $41,000 cash. A new building was purchased for $530,000 and depreciation expense on buildings for the year was $42,000. Equipment costing $74,000 was purchased while loss of $14,000 was recorded on equipment that originally cost $42,000 and was sold for $23,000. 5. The company received $522,000 from new bank loans during the year. 6. Dividends were declared and paid during the year. 7. No common shares were issued during the year but some were bought back and retired at the amount they were originally issued at. 4. (a) Prepare the statement of cash flows using the indirect approach. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cash flows from operating activities Net income 11,000 Adjustments to reconcile net income to Net cash provided by operating activities Depreciation expense Gain on disposal of building (17,000) Increase in accounts receivable (40,000) Loss on disposal of land 23,000 > Loss on disposal of equipment 14,000 Decrease in accounts payable (45,000) Increase in inventory (33,000) Decrease in income tax payable (4,000) Increase in interest payable 7,000 Net cash used by operating activities Cash flows from financing activities > Repurchase of common shares (20,000) Dividends paid (34,000) Additions to bank loan 522,000 > Repayments of bank loan Net cash provided by financing activities Net decrease in cash Cash and cash equivalents, January 1 81,000 Cash and cash equivalents, December 31 5,000
