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The comparative balance sheets for Hinckley Corporation show the following information Hinckley Corporation Comparative Balance Sheets As of December 31, 2020 and 2019 12/31/20 12/31/19
The comparative balance sheets for Hinckley Corporation show the following information Hinckley Corporation Comparative Balance Sheets As of December 31, 2020 and 2019 12/31/20 12/31/19 $8,000 60,000 53,000 215,000 Assets Cash Current assets other than cash Long-term investments Plant assets $15,000 85,000 10,000 335,000 Accumulated depreciation Total Assets (20,000 40,000 Liabilities and shareholders' equity Current liabilities Bonds payable Common stock Retained earnings Total liabilities and shareholders' equity 40,000 $22,000 75,000 254,000 254,000 Additional information for the 2020 fiscal year: 1. On December 31, 2020, the company sold long-term investments carried at a cost of $43,000 for $34,000. No unrealized gains or losses were recorded on this investment in 2020 In 2020, the company sold plant assets that cost $50,000 and were 80% depreciated for 2. $8,000. The loss was incorrectly charged directly to retained earnings. 3. Net income as reported on the income statement for the year wa $48,000. 4. The company paid dividends totaling $10,000. 5. Depreciation charged for the year was $20,000 Prepare a statement of cash flows for 2020 using the indirect method
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