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The following are Kingbird Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to
The following are Kingbird Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. Additional information: 1. On December 31, 2019, Kingbird acquired 25\% of Myers Co.'s common stock for $274,100. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,096.400. Myers reported income of $133,600 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. 2. During 2020, Kingbird loaned $348,900 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $98,100, plus interest at 10%, on December 31,2020. 3. On January 2, 2020, Kingbird sold equipment costing $59,700, with a carrying amount of $37,800, for $39,800cash. 4. On December 31, 2020, Kingbird entered into a capital lease for an office building. The present value of the annual rental payments is $448,400, which equals the fair value of the building. Kingbird made the first rental payment of $60,500 when due on January 2,2021. 5. Net income for 2020 was $374,500. 6. Kingbird declared and paid the following cash dividends for 2020 and 2019. Presare a statement of cash flews for Kingtird Core for the year ended Decenter 31. 2020. using the indirect methed chaw anousts
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