Problem 23 01 Your answer is partially correct Try again The following are Marigold 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 2020 2019 Increase (Decrease) Cash $810,600 $701,400 $109,200 Accounts receivable 1,135,300 1,156,300 (21,000 ) Inventory 1,850,800 1,708,800 142,000 Property, plant, and equipment 3,318,800 2,955,300 363,500 Accumulated depreciation (1,164,400 ) (1,035,600 ) (128,800 ) Investment in Myers Co 307,400 277,400 30,000 Loan receivable 248,800 248,800 Total assets $6,507,300 $5,763,600 $743,700 Accounts payable $1,015,700 $949,200 $66,500 Income taxes payable 30,200 50,000 (19,800 ) Dividends payable 79,500 100,400 (20,900 ) Lease liabililty 423,200 423,200 Common stock, $1 par 500,000 500,000 Paid in capital in excess of parcommon stock 1,499,000 1,499,000 Retained earnings 2,959,700 2,665,000 294,700 Total liabilities and stockholders equity $6,507,300 $5,763,600 $743,700 Additional information 1 On December 31, 2019, Marigold acquired 25 of Myers Co s common stock for $277,400 On that date, the carrying value of Myerss assets and liabilities, which approximated their fair values, was $1,109,600 Myers reported income of $120,000 for the year ended December 31, 2020 No dividend was paid on Myerss common stock during the year 2 During 2020, Marigold loaned $323,600 to TLC Co , an unrelated company TLC made the first semiannual principal repayment of $74,800, plus interest at 10 , on December 31, 2020 3 On January 2, 2020, Marigold sold equipment costing $59,700, with a carrying amount of $37,700, for $39,900 cash 4 On December 31, 2020, Marigold entered into a capital lease for an office building The present value of the annual rental payments is $423,200, which equals the fair value of the building Marigold made the first rental payment of $60,000 when due on January 2, 2021 5 Net income for 2020 was $374,200 6 Marigold declared and paid the following cash dividends for 2020 and 2019 2020 2019 Declared December 15, 2020 December 15, 2019 Paid February 28, 2021 February 28, 2020 Amount $79,500 $100,400 Prepare a statement of cash flows for Marigold Corp for the year ended December 31, 2020, using the indirect method (Show amounts that decrease cash flow with either a sign e g 15,000 or in parenthesis e g (15,000) )

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Problem 23-01 Your answer is partially correct. Try again. The following are Marigold Corp.s comparative balance sheet accounts at December 31, 2020 and 2019, with

Problem 23-01


	Your answer is partially correct. Try again.

The following are Marigold 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
	2020		2019		Increase (Decrease)
Cash	$810,600		$701,400		$109,200
Accounts receivable	1,135,300		1,156,300		(21,000	)
Inventory	1,850,800		1,708,800		142,000
Property, plant, and equipment	3,318,800		2,955,300		363,500
Accumulated depreciation	(1,164,400	)	(1,035,600	)	(128,800	)
Investment in Myers Co.	307,400		277,400		30,000
Loan receivable	248,800				248,800
Total assets	$6,507,300		$5,763,600		$743,700

Accounts payable	$1,015,700		$949,200		$66,500
Income taxes payable	30,200		50,000		(19,800	)
Dividends payable	79,500		100,400		(20,900	)
Lease liabililty	423,200				423,200
Common stock, $1 par	500,000		500,000
Paid-in capital in excess of parcommon stock	1,499,000		1,499,000
Retained earnings	2,959,700		2,665,000		294,700
Total liabilities and stockholders equity	$6,507,300		$5,763,600		$743,700

Additional information:

1.		On December 31, 2019, Marigold acquired 25% of Myers Co.s common stock for $277,400. On that date, the carrying value of Myerss assets and liabilities, which approximated their fair values, was $1,109,600. Myers reported income of $120,000 for the year ended December 31, 2020. No dividend was paid on Myerss common stock during the year.
2.		During 2020, Marigold loaned $323,600 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $74,800, plus interest at 10%, on December 31, 2020.
3.		On January 2, 2020, Marigold sold equipment costing $59,700, with a carrying amount of $37,700, for $39,900 cash.
4.		On December 31, 2020, Marigold entered into a capital lease for an office building. The present value of the annual rental payments is $423,200, which equals the fair value of the building. Marigold made the first rental payment of $60,000 when due on January 2, 2021.
5.		Net income for 2020 was $374,200.
6.		Marigold declared and paid the following cash dividends for 2020 and 2019.

	2020	2019
Declared	December 15, 2020	December 15, 2019
Paid	February 28, 2021	February 28, 2020
Amount	$79,500	$100,400

Prepare a statement of cash flows for Marigold Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)