The condensed financial statements of STAUTTNER, INC. Statement of Financial Position December 31 2020 2019 Assets $69.148 $40,230 Cash 63,700 60,760 Accounts receivable 117,660 121,230 Inventories 6,370 6,080 Prepaid expenses 240,100 235,200 Property, plant, and equipment (73,010) (70,560) Accumulated depreciation Intangible assets 53,100 45,080 $477,068 $438,020 Liabilities and Shareholders' Equity $45,860 $40,180 16,660 15,190 Accounts payable Wages payable Income taxes payable Bonds payable 1.230 1.720 93,100 107,800 Liabilities and Shareholders' Equity $45,860 $40,180 Accounts payable Wages payable 16,660 15,190 Income taxes payable 1,230 1,720 Bonds payable 93,100 107,800 Common shares 171,500 171,500 Retained earnings 148,718 101,630 $477,068 $438,020 STAUTTNER, INC. Statement of Income Year Ended December 31, 2020 Sales $536,990 338,100 198,890 Cost of goods sold Gross profit Operating expenses Depreciation expense $37.730 45,570 Loss on sale of equipment 7,010 90,310 45,570 Depreciation expense Loss on sale of equipment 7,010 90,310 108,580 2,680 Profit from operations Less: Interest expense Profit before income tax Income tax expense 105,900 31,770 Net income $74,130 Additional information: 1. 2 3. New equipment costing $69,580 was purchased for cash during the year. The increase in intangible assets is related to legal fees incurred to trademark new packaging designs. Accounts payable relate only to merchandise creditors, Operating expenses included wages expense of $31,360. Interest expense was paid in cash during the year. 4. 5. (a) Prepare a statement of cash flows for Stauttner Inc using the direct method. Assume Stauttner follows IFRS and has chosent and colle LItaMinMulaikilam (a) Prepare a statement of cash flows for Stauttner Inc, using the direct method. Assume Stauttner follows IFRS and has chosen to classify interest paid and collected as operating activities and dividends received as operating activities while dividends paid are financing activities. (Show amounts that decrease cash flow with either o - signe.g.-15,000 or in parenthesis es. (15,000).) STAUTTNER, INC. Statement of Cash Flows (Direct Method) Year Ended December 31, 2020 UNI : +