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SUNLAND CORPORATION Comparative Balance Sheet Assets 2020 2019 Cash $38,400 $31.800 Accounts receivable (net) 71.200 60.800 Prepaid insurance 26,200 17.800 Land 18.800 43,600 Equipment 70.800
SUNLAND CORPORATION Comparative Balance Sheet Assets 2020 2019 Cash $38,400 $31.800 Accounts receivable (net) 71.200 60.800 Prepaid insurance 26,200 17.800 Land 18.800 43,600 Equipment 70.800 60.800 Accumulated depreciation (21.200) (13,800) Total assets $204.200 $201.000 Liabilities and Stockholders' Equity Accounts payable $12.200 $6,800 Bonds payable 27,800 19.800 Common stock 142.400 115.800 Retained earnings 21,800 58.600 Total liabilities and stockholders' equity $204,200 $201.000 Additional information: 1. Net loss for 2020 is $22.000. 2. Cash dividends of $14.800 were declared and paid in 2020. 3. Land was sold for cash at a loss of $4.800. This was the only land transaction during the year. 4. Equipment with a cost of $16,600 and accumulated depreciation of $10,800 was sold for $5,800 cash. 5. $22.800 of bonds were retired during the year at carrying (book) value. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $26.600. 6. Prepare a statement of cash flows for the year ended 2020. using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000.) SUNLAND CORPORATION Statement of Cash Flows Adjustments to reconcile net income to V $ $
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