The records of British Columbia Limited (BCL) provided the following data for the year ended December 31, 2020 Comparative Balance Sheet Data 2020 2019 Change Debits Cash balances $54,300 $21,000 $33,300 Short term investments 8,000 10,000 (2,000) Accounts receivable 61,000 36,000 25,000 Inventory 30,000 20,000 10,000 Land 25,000 60,000 (35,000) Machinery 120,000 110,000 10,000 Other assets 39,000 29,000 10,000 Total debits $337,300 $286,000 Credits Accumulated depreciation $21,900 $20,000 1,900 Accounts payable 52,000 36,000 16,000 Salaries payable 2,000 5,000 (3,000) Income taxes payable 3,400 1,000 2,400 Deferred tax liability 5,000 1,000 4,000 Accrued pension liability 7,000 3,000 4,000 Bonds payable 55,000 70,000 (15,000) Asset Retirement Obligation 25,000 20,000 5,000 Common shares 116,000 100,000 16,000 Preferred shares 5,000 0 5,000 Contributed surplus common stock retirement 0 1,000 (1,000) Retained earnings 45,000 29,000 16,000 Total credits $337,300 $286,000 Income Statement For the year ended December 31, 2020 Sales revenue $136,000 Cost of goods sold (45,700) Salaries and Benefits (31,900) Other expenses (10,900) Interest expense (6,000) Gain on sale of land Gain on sale of machinery 13,000 3,000 Income tax expense (12,500) Net income $45,000 BCL does not apply Cash Equivalents in preparing its Statement of Cash Flows Retired $20,000 face value bonds, which also equaled their carrying value, by issuing common shares Issued bonds for cash Paid $17,000 to repurchase and retire $14,000 book value of common shares Declared, for common shares, a stock dividend and declared and paid cash dividends in 2020 There were no other common share transactions There were no land purchases during the year Sold machinery costing $10,000 which was 50 depreciated Purchased machinery for cash Other expenses include depreciation Sold short term investments for cash, at carrying value Acquired other assets paid in cash and by issuing preferred shares No other asset disposals occurred in 2020 and there were no other preferred share transaction In accounting for the Asset Retirement Obligation BCL assumes a 5 interest rate and reports all changes between the period end balances in the income Prepare, in good form, the Statement of Cash Flows under direct and indirect both formats

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The records of British Columbia Limited (BCL) provided the following data for the year ended December 31, 2020: Comparative Balance Sheet Data 2020 2019 Change

The records of British Columbia Limited (BCL) provided the following data for the year ended December 31, 2020:

Comparative Balance Sheet Data

	2020	2019	Change
Debits
Cash balances.	$54,300	$21,000	$33,300
Short term investments.	8,000	10,000	(2,000)
Accounts receivable..	61,000	36,000	25,000
Inventory	30,000	20,000	10,000
Land.	25,000	60,000	(35,000)
Machinery..	120,000	110,000	10,000
Other assets	39,000	29,000	10,000
Total debits	$337,300	$286,000
Credits
Accumulated depreciation	$21,900	$20,000	1,900
Accounts payable.	52,000	36,000	16,000
Salaries payable..	2,000	5,000	(3,000)
Income taxes payable	3,400	1,000	2,400
Deferred tax liability..	5,000	1,000	4,000
Accrued pension liability	7,000	3,000	4,000
Bonds payable.	55,000	70,000	(15,000)
Asset Retirement Obligation..	25,000	20,000	5,000
Common shares..	116,000	100,000	16,000
Preferred shares.	5,000	0	5,000
Contributed surplus. common stock retirement	0	1,000	(1,000)
Retained earnings..	45,000	29,000	16,000
Total credits	$337,300	$286,000

Income Statement

For the year ended December 31, 2020


Sales revenue.	$136,000
Cost of goods sold..	(45,700)
Salaries and Benefits	(31,900)
Other expenses..	(10,900)
Interest expense.	(6,000)
Gain on sale of land Gain on sale of machinery	13,000 3,000
Income tax expense..	(12,500)
Net income	$45,000

BCL does not apply Cash Equivalents in preparing its Statement of Cash Flows.

Retired $20,000 face value bonds, which also equaled their carrying value, by issuing common shares. Issued bonds for cash.

Paid $17,000 to repurchase and retire $14,000 book value of common shares.

Declared, for common shares, a stock dividend and declared and paid cash dividends in 2020. There were no other common share transactions.

There were no land purchases during the year.

Sold machinery costing $10,000 which was 50% depreciated.

Purchased machinery for cash.

Other expenses include depreciation.

Sold short term investments for cash, at carrying value.

Acquired other assets; paid in cash and by issuing preferred shares. No other asset disposals occurred in 2020 and there were no other preferred share transaction.

In accounting for the Asset Retirement Obligation BCL assumes a 5% interest rate and reports all changes between the period end balances in the income

Prepare, in good form, the Statement of Cash Flows under direct and indirect both formats