prepare a statement of cash flow for flounder corp for the year ended in dec 31.2020 using the indirect method
The following are Flounder 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 Increase (Decrease) 2020 2019 Cash $812,000 $700,100 $111.900 Accounts receivable 1.135,200 1,173,400 (38.200 1.860,900 1706,700 154,200 3,323,100 2.969,600 353.500 Inventory Property, plant, and equipment Accumulated depredation Investment in Myers Co. (1.174.200 > (1.034,200 (140,000) 308.400 273,600 34,800 Loan receivable 250,100 250,100 $6,515,500 Total assets $5.789,200 5726,300 $1.013.400 Accounts payable $953.700 $59.700 29.700 50.500 20.800 Income tax payable Dividends payable Leaseliability 79,800 100,700 20.9001) 413,300 4131300 500.000 500.000 common stock sa 1,492.500 1492500 Pald.in capitalin excess of par-common stock 500,000 500,000 1492 500 1.492.500 Common stock $1 par Paid-in capital in excess of per-common stock Retained earnings Total liabilities and stockholders' equity 2.986,800 2,691,800 295,000 $6,515,500 $5,789.200 $726,300 Additional information 1. 2 3. On December 31, 2019. Flounder acquired 25% of Myers Co's common stock for $273,600. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,094 400. Myers reported income of $139,200 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. During 2020, Flounder loaned $313,500 to TLC Co, an unrelated company. TLC made the first semiannual principal repayment of $63,400, plus interest at 10%, on December 31, 2020 On January 2.2020. Flounder sold equipment costing 559,800, with a carrying amount of $37,800, for $40.000 cash On December 31, 2020. Flounder entered into a capital lease for an office building. The present value of the annual rental payments is $413,300,which equals the fair value of the building. Flounder made the first rental payment of 560.400 when due on January 2, 2021 Net income for 2020 was $374.800 Flounder declared and paid the following cash dividends For 2020 and 2019. 4. 5. 6. 2020 2019 Dedared December 15, 2020 December 15, 2019 Paid February 28, 2021 February 28, 2020 Amount $79,800 $100,700 2. 3 4. During 2020, Flounder loaned $313.500 to TLC Co. an unrelated company. The made the first semiannual principal repayment of $63,400, plus interest at 1096, on December 31, 2020 On January 2, 2020, Flounder sold equipment costing $59.800, with a carrying amount of $37.800 for $40,000 cash On December 31, 2020, Flounder entered into a capital lease for an office building. The present value of the annual rental payments is $413,300, which equals the fair value of the building Flounder made the hrst rental payment of $60,400 when due on January 2, 2021 Net income for 2020 was $374,800 Flounder declared and paid the following cash dividends for 2020 and 2019. 5. 6. 2020 2019 Declared December 15, 2020 December 15, 2019 Paid February 28, 2021 February 28, 2020 Amount $79.800 $100,700 Prepare a statement of cash flows for Flounder Corp. for the year ended December 31, 2020. using the indirect method. (Show amounts that decrease cash flow with either a-sianes. -15.000 or in parenthesis es (15,0001) FLOUNDER CORP. Statement of Cash Flows Adjustments to reconcile net income to
