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The following data are taken from the records of Alee Company. December 31, 2020 December 31, 2019 Cash $15,000 $8,000 Current assets other than cash
The following data are taken from the records of Alee Company. December 31, 2020 December 31, 2019 Cash $15,000 $8,000 Current assets other than cash 85,000 60,000 Long-term debt investments 10,000 53,000 Plant assets 335,000 215,000 $445,000 $336,000 Accumulated depreciation $20,000 $40,000 Current liabilities 40,000 22,000 Bonds payable 75,000 0 Common stock 254,000 254,000 Retained earnings 56,000 20,000 $445,000 $336,000 Additional information: Held-to-maturity debt securities carried at a cost of $43,000 on December 31, 2019, were sold in 2020 for $34,000. The loss (not unusual) was incorrectly charged directly to Retained Earnings. Plant assets that cost $50,000 and were 80% depreciated were sold during 2020 for $8,000. The loss was incorrectly charged directly to Retained Earnings. Net income as reported on the income statement for the year was $57,000. Dividends paid amounted to $10,000. Depreciation charged for the year was $20,000. Instructions Prepare a statement of cash flows for the year 2020 using the indirect method
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