Question 1-2: Cash Flow Statement Q1 Based on Jan Corp's financial statements, what is the Depreciation Expense of 2020? Q2 Create a Cash Flow Statement in the Excel File Cash Flow Statement: The following is Jan Corp.'s comparative SFP at December 31, 2019 and 2020. Jan Corp Statement of Financial Position as of Dec 31 2020 2019 Change Cash 46,100 41,000 5,100 Accounts Receivable 213,000 178,000 35,000 Prepaid Insurance 16,000 27,000 (11,000) Inventory 298,000 262,000 36,000 Land 175,000 175,000 Equipment 1,700,000 1,800,000 (100,000) Accumulated Depreciation (1,240,000) (1,080,000) (160,000) - Equipment Loan Receivable 125,000 125,000 Total Assets 1,333,100 1,228,000 120,000 232,000 37,000 75,000 52,700 525,000 193,900 343,500 36,000 26,600 Bank Loan A/P Income Tax Payable Dividends Payable Lease Liability Common Shares Common Shares Dividend Distributable Retained Earnings Total Liabilities and S/E (73,900) (111,500) 1,000 48,400 400,000 125,000 52,700 (52,700) 116,100 291,400 1,333,100 175,300 1,228,000 2020 75,000 1. Dividend: Dividend Amount (Cash) Stock Dividend Dividend Declared Dividend Paid 2019 26,600 52,700 18-Nov-19 21-Feb-20 15-Dec-20 17-Jan-21 2. Common Shares: Common Shares with market value of $125,000 was issued for Land Purchase. Rest of the payment was made by Cash. 3. Equipment: On Jan 1, 2020 the company sold equipment with an original cost of 300,000. The accumulated depreciation of the equipment sold was 180,000. The equipment was sold for 150,000 cash. All new equipment purchased for cash in 2020. Depreciation expense for 2020 was ( you have to calculate). 4. Loan Receivable The company lent 175,000 to an unrelated company on Oct 31, 2020. The company did not receive any interest payment in 2020. 50,000 payment of principal was received on Dec 31, 2020. 5. Lease The company entered into a right-of-use lease for equipment on Dec 31, 2020. The present value of annual lease payment is 62,700. First lease payment of 10,000 was paid on Dec 31, 2020. 6. Net Income for 2020 191,100 Statement of Cash Flows (Indirect Method) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by Operating Activities Total Adjustment Net cash provided by operating act vities Cash flows from Investing Activities Total Adjustment Net cash used by investing activities Cash flows from Financing Activities Net Cash used by Financing Activities Net Increase (Decrease) in Cash Cash Balance - Beginning Cash Balance - Ending