prepare the statement of cash flows for Whiskey Industries Ltd. for the year ended December 31, 2020, using the indirect method

Whiskey Industries Ltd., a Nanaimo, British Columbia-based company, has a December 31 year end. The company's comparative statement of financial position and its statement of income for the most recent fiscal year are presented here, along with some additional information: 1. 1. 2. During the year, Whiskey Industries sold, for $450 cash, equipment that had an original cost of $900 and a net carrying amount of $180. Whiskey Industries borrowed an additional $7,200 by issuing notes payable in 2020. During the year, the company purchased a piece of land for a future manufacturing site for $180,000. The land was purchased with no money down and the company entered into a mortgage payable for the full amount. 3. WHISKEY INDUSTRIES LTD. Statement of Financial Position As at December 31, 2020 2020 2019 $17,550 18,000 450 Assets Current assets Cash Accounts receivable Prepaid rent Inventory Total current assets Manufacturing equipment Accumulated depreciation, manufacturing equipment Land Total assets $5,450 9,000 540 36,000 50,990 143,100 (62,280) 180,000 $311,810 27,000 63,000 90,000 (45,000) $108,000 $5,400 $9,900 540 360 420 270 Liabilities and shareholders' equity Current liabilities Accounts payable Wages payable Dividends payable Total current liabilities Mortgage payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity 6,030 10,860 180,000 41,400 26,100 53,450 $311,810 36,000 22,500 43,470 $ 108,000 WHISKEY INDUSTRIES LTD. Statement of Income For the year ended December 31, 2020 Sales $117,000 Cost of goods sold 72,000 Gross margin 45,000 Expenses Rent expense 6,390 Wages expense 8,640 Depreciation expense 18,000 Interest expense 540 Income tax expense 470 Gain on sale of equipment (270) Net income $11,230