Show Attempt History Current Attempt in Progress Your answer is partially correct. The following are Sheridan 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 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 2020 $820,300 1.127,000 1,834,200 3,337.200 (1.168.700) 311,100 248.200 $6,509,300 2019 $699,900 1.177,500 1.706,800 2.979.400 (1.042.800) 274,200 Increase (Decrease) $120,400 (50.500) 127,400 357.800 (125,900) 36.900 248.200 $5,795,000 $714.300 $949,100 49.900 99.600 $63,300 (19,700) (20,000) 417.700 Accounts payable Income taxes payable Dividends payable Lease liability Common stock. $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,012,400 30,200 79,600 417,700 500,000 1.494,000 2.975,400 $6,509.300 500,000 1,494,000 2.702,400 $5,795,000 273,000 $714,300 Question 8 Ol8 Additional information: 1. 2 3. On December 31, 2019. Sheridan acquired 25% of Myers Co.'s common stock for $274,200. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,096,800. Myers reported income of $147.600 for the year ended December 31, 2020, No dividend was paid on Myers's common stock during the year. During 2020. Sheridan loaned $318,000 to TLC Co. an unrelated company. TLC made the first semiannual principal repayment of $69,800, plus interest at 10%, on December 31, 2020, On January 2, 2020, Sheridan sold equipment costing $59.900, with a carrying amount of $37,800, for $39,800 cash. On December 31, 2020, Sheridan entered into a capital lease for an office building. The present value of the annual rental payments is $417,700, which equals the fair value of the building. Sheridan made the first rental payment of $60,500 when due on January 2 2021 Net income for 2020 was $352,600 Sheridan declared and paid the following cash dividends for 2020 and 2019. 5. 6. Declared Paid 2020 December 15, 2020 February 28, 2021 $79.600 2019 December 15, 2019 February 28, 2020 $99,600 Amount Prepare a statement of cash flows for Sheridan Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with elther o - sign c.8. - 15,000 or in parenthesis es. (15,0001) SHERIDAN CORP. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities SHERIDAN CORP. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities s Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Loss on Sale of Equipment $ Decrease in Inventory Equity in Earnings of Myers Co. Decrease in Accounts Receivable Increase in Inventory Increase in Inventory Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Proceeds from Sale of Equipment Loan to TIC Co. Principal Payment of Loan Receivable Net Cash Used by investing Activities