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ACE Corporation Comparative Statement of Financial Position QUESTION 1 (cont'd) Additional information: L. On December 31, 2017, ACE Corporation acquired 25\% of TWiN Ca's common stock for $137,500. TWIN reported income of $70,000 for the year ended December 31, 2018. No dividend was paid on TWIN's common stock during the year. ii. During 2018, ACE loaned $150,000 to PAL Co., an unrelated company. PAL made the first semiannual principal repayment of $25,000, plus interest at 10%, on December 31,2018. it. On January 2, 2018, ACE soid equipment oosting $30,000, with a carrying amount of $19,000, for $20,000 cash. iv. On December 31, 2018, ACE entered into a capital lease for a bulding. The annual rental payments is $200,000, which equals the fair value of the bulding. ACE made the first rental payment of $30,000 when due on January 2,2019 . v. Net income for 2018 was $185,000. vi. ACE declared and paid cash dividends for 2018 and 2017 as shown below. Required a) Prepare a statement of cash flows for the year ending December 31, 2018. ACE Corporation Comparative Statement of Financial Position QUESTION 1 (cont'd) Additional information: L. On December 31, 2017, ACE Corporation acquired 25\% of TWiN Ca's common stock for $137,500. TWIN reported income of $70,000 for the year ended December 31, 2018. No dividend was paid on TWIN's common stock during the year. ii. During 2018, ACE loaned $150,000 to PAL Co., an unrelated company. PAL made the first semiannual principal repayment of $25,000, plus interest at 10%, on December 31,2018. it. On January 2, 2018, ACE soid equipment oosting $30,000, with a carrying amount of $19,000, for $20,000 cash. iv. On December 31, 2018, ACE entered into a capital lease for a bulding. The annual rental payments is $200,000, which equals the fair value of the bulding. ACE made the first rental payment of $30,000 when due on January 2,2019 . v. Net income for 2018 was $185,000. vi. ACE declared and paid cash dividends for 2018 and 2017 as shown below. Required a) Prepare a statement of cash flows for the year ending December 31, 2018