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The following comparative balance sheets 2019 & 2020 and additional information for National Company are given: Assets Dec. 31, 2020 Dec. 31, 2019 Cash $312,000
The following comparative balance sheets 2019 & 2020 and additional information for "National Company" are given: Assets Dec. 31, 2020 Dec. 31, 2019 Cash $312,000 $52,000 Accounts Receivable 104,000 96,000 Inventory and supplies 60,000 116,000 Investments 0 72,000 Machines 228,000 208,000 Accumulated depreciation- (56,000) (40,000) Machines Total Assets $648,000 $504.000 Liabilities & Stockholders' Equity Note payable Bonds payable (long-term) Common Stock Retained Earnings Total Liablities & Stockholders Equity 148,000 108,000 148,000 188,000 160,000 88,000 192,000 120,000 $648.000 $504.000 Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000. 2. Sold vestments for cash, cost $72.000 and resulting in $12,000 gain. 3 The only changes affecting retained earnings are net income and cash dividends paid. 4 All the following transactions are in cash Purchased new machines, repay bonds payable, and issuance common stock Required Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020 For the toolbar, press ALTAFO (PC) or ALT-FN-F10 (M) BIUS Paragraph Arial (PLEASE PROVIDE EACH AMOUNT/ITEM IN A SEPARATE LINE) 10pt ALI XO GQ =
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