Save & E Instant Brake Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: Che Instant Brake Inc. Income Statement December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit $864,000 576, $288,000 $132,720 41,280 174,880 114,000 3,810 11,52 121,719 18.00 205,710 Cash Cash equivalents Accounts receivable Inventory Investment Instant Brake Inc. Balance Sheet Information December 31 2020 2019 $ 48,000 $ 24,960 17,280 9,600 88,320 37,440 114,240 33,520 @ 17,280 76,80076,500 Net Change $ 23,040 7,680 50,880 3 0,720 17,280) Land 00 O m e - 9 Saved $ 48,000 17,280 88,320 114,240 Cash Cash equivalents Accounts receivable Inventory Investment Land Building and equipment Accumulated depreciation Accounts payable Dividends payable Bonds payable Preferred shares Common shares Retained earnings $ 23,040 7,680 50,889 30,720 17,280) $ 24,960 9,689 37,440 83,528 17,280 76,888 456, eee 96,960 37,800 600 76,809 444,489 118,05 19,950 1,200 24.ee 81,600 406,082 138,240 (11,520) 21,098 (17,850) 600 24,000 e 81,600 486,080 82,560 55,689 During 2020. the following transactions occurred: 1. Purchased equipment for $19.200 cash. 2. Sold the investment on January 1, 2020. for $28.800, resulting in investment income of $11,520. 3. Sold equipment for $6.720 cash that had originally cost $30.720 and had $20,190 of accumulated depreciation 4. Issued $24.000 of bonds payable at face value Required: 1. How inuch cash was paid in dividends Dividend Pex 304 Next > 1. UICHUKULIRRTU ILU Cuan 2. Sold the investment on January 1, 2020, for $28,800, resulting in investment income of $11,520. 3. Sold equipment for $6,720 cash that had originally cost $30,720 and had $20,190 of accumulated depreciation. 4. Issued $24,000 of bonds payable at face value. Required: 1. How much cash was paid in dividends? Dividends paid 2. Prepare a statement of cash flows for instant Brake for the year ended December 31, 2020, using the indirect method. (List deduction in cash and cash outflows as negative amounts.) INSTANT BRAKE INC Shitement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Profit WWW 103.7101 Next > Prev 3.04 to search