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The following are Pearl Corp. comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease from 2019 to
The following are Pearl Corp. comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease from 2019 to 2020. 2020 5808.400 1,118,600 1.833,300 3.277,400 (1.173.000) 309,000 251,700 1.425.600 2019 $704,200 1,161,700 1,697,900 2,050,300 (1,031,700) 276,600 (Decrease) $104,200 42.000) 135.400 327,100 (141,300) 32.400 Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 55.759.000 $666.600 Accounts payable $1.008,500 30,200 $964,400 50,100 100 200 344,100 (19,500) (20.000) 386,800 Dividends payable 386.800 Common stock, $1 par 500.000 Retained earnings 1,490,500 2,929,400 $6,425,600 1,490, 500 2,653,800 55.759.000 275,800 $666.600 stockholders' equity Additional information: 1. On December 31, 2019, Pearl acquired 25% of Myers Co.'s common stock for $275,600. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,106,400. Myers reported income of $129,600 for the year ended December 31, 2020. No dividend we paid on Myers's common stock during the year. 2. During 2020, Pearl loaned $287,500 to TUC Co, an unrelated company. TLC made the first semiannual principal repayment of $35,800, plus interest at 10%, on December 31, 2020 3. On January 2, 2020, Pearl sold equipment costing $59,700, with a carrying amount of $38.100, for $39,600 cash. 4. On December 31, 2020, Pearl entered into a capital lease for an office building. The present value of the annual rental payments is $386,000, which equals the fair value of the building, Pearl made the first rental payment of $60,400 when due on January 2, 2021. 5. Net income for 2020 was $355,000 6. Pearl declared and paid the following cash dividends for 2020 and 2019 2019 December 15, 2019 Amount $80,200 $100,200 Prepare a statement of cash flows for Pearl Corp. for the year ended December 31, 2020, using the Indirect method. (Show amounts that decrease cash flow with either asign -.- PEARL CORP. Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work
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