Question 5 of 6 -/30 111 Current Attempt in Progress The following transactions took place during the year 2020 for Kingbird Inc. 1. 2. 3. Convertible bonds payable with a carrying amount of $305,000 along with conversion rights of $9,100 were exchanged for common shares. The net income for the year was $411,000. Depreciation charged on buildings was $90,500. Recorded the investment income earned from investment in associate, Ayayai Ltd., using the equity method. Ayayai's earnings for the year were $124,000 and Kingbird Inc. owns 20% of the outstanding common shares. Old equipment was traded in on the purchase of new equipment, resulting in the following entry: 4. 4 5. 50,100 Equipment Accumulated Depreciation - Equipment Equipment 30,100 40,000 32,000 Cash Gain on Disposal of Equipment 8.200 6. Dividends in the amount of $110,000 were declared. They are payable in January 2021. For each item, use journal entries to show the adjustments and reconciling items that would be made on Kingbird Inc's worksheet for a statement of cash flows. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) For each item, use journal entries to show the adjustments and reconciling items that would be made on Kingbird Inc's work sheet for a statement of cash flows. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1.