Problem 5 11 a A comparative statement of financial position for Bramble Corporation follows BRAMBLE CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash $78,000 $34,800 Accounts receivable 104,400 70,800 Inventory 159,600 97,200 FV OCI investments in shares 75,600 100,800 Land 78,000 123,600 Equipment 468,000 516,000 Accumulated depreciationequipment (140,400 ) (103,200 ) Goodwill 148,800 207,600 Total $972,000 $1,047,600 Liabilities and Shareholders Equity Accounts payable $14,400 $61,200 Dividends payable 18,000 38,400 Notes payable 264,000 402,000 Common shares 318,000 150,000 Retained earnings 345,600 340,800 Accumulated other comprehensive income 12,000 55,200 Total $972,000 $1,047,600 Additional information 1 Net income for the fiscal year ending December 31, 2020, was $22,800 2 In March 2020, a plot of land was purchased for future construction of a plant site In November 2020, a different plot of land with original cost of $103,200 was sold for proceeds of $114,000 3 In April 2020, notes payable amounting to $168,000 were retired through the issuance of common shares In December 2020, notes payable amounting to $30,000 were issued for cash 4 FV OCI investments were purchased in July 2020 for a cost of $18,000 By December 31, 2020, the fair value of Brambles portfolio of FVOCI investments decreased to $75,600 No FVOCI investments were sold in the year 5 On December 31, 2020, equipment with an original cost of $48,000 and accumulated depreciation to date of $14,400 was sold for proceeds of $25,200 No equipment was purchased in the year 6 Dividends on common shares of $38,400 and $18,000 were declared in December 2019 and December 2020, respectively The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021 Dividends paid are treated as financing activities 7 A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill No goodwill was purchased or sold in the year (a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities (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 5-11 a A comparative statement of financial position for Bramble Corporation follows: BRAMBLE CORPORATION Statement of Financial Position December 31 Assets 2020 2019 Cash

Problem 5-11 a

A comparative statement of financial position for Bramble Corporation follows:

BRAMBLE CORPORATION Statement of Financial Position
	December 31
Assets	2020		2019
Cash	$78,000		$34,800
Accounts receivable	104,400		70,800
Inventory	159,600		97,200
FV-OCI investments in shares	75,600		100,800
Land	78,000		123,600
Equipment	468,000		516,000
Accumulated depreciationequipment	(140,400	)	(103,200	)
Goodwill	148,800		207,600
Total	$972,000		$1,047,600
Liabilities and Shareholders Equity
Accounts payable	$14,400		$61,200
Dividends payable	18,000		38,400
Notes payable	264,000		402,000
Common shares	318,000		150,000
Retained earnings	345,600		340,800
Accumulated other comprehensive income	12,000		55,200
Total	$972,000		$1,047,600

Additional information:

1.		Net income for the fiscal year ending December 31, 2020, was $22,800.
2.		In March 2020, a plot of land was purchased for future construction of a plant site. In November 2020, a different plot of land with original cost of $103,200 was sold for proceeds of $114,000.
3.		In April 2020, notes payable amounting to $168,000 were retired through the issuance of common shares. In December 2020, notes payable amounting to $30,000 were issued for cash.
4.		FV-OCI investments were purchased in July 2020 for a cost of $18,000. By December 31, 2020, the fair value of Brambles portfolio of FVOCI investments decreased to $75,600. No FVOCI investments were sold in the year.
5.		On December 31, 2020, equipment with an original cost of $48,000 and accumulated depreciation to date of $14,400 was sold for proceeds of $25,200. No equipment was purchased in the year.
6.		Dividends on common shares of $38,400 and $18,000 were declared in December 2019 and December 2020, respectively. The 2019 dividend was paid in January 2020 and the 2020 dividend was paid in January 2021. Dividends paid are treated as financing activities.
7.		A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.

(a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)