Question
The records of the LEI Corporation provided the following information for the year ended December 31, 2020. Prepare a statement of cash flows, using the
The records of the LEI Corporation provided the following information for the year ended December 31, 2020. Prepare a statement of cash flows, using the indirect method. Balance Sheet Cash Accounts receivable, net Inventory. Long-term investment Property, plant, and equipment Accumulated depreciation Land. Total Accounts payable Wages payable Interest payable Notes payable, long-term Common stock.... Additional paid-in capital Retained earnings. Total January 1, December 31, 2020 2020 $ 15,000 $31,000 28,500 26,500 10,000 15,000 2,400 1,400 80,000 81,000 (20,000) (16,000) 40.100 81,100 $156,000 $220,000 $ 10,000 2,000 $ 11,000 1,000 1,000 20,000 46,000 80,000 110,000 20,000 26,000 24,000 25,000 $156,000 $220,000 Recorded the permanent market loss on its long-term investment. Sold a piece of equipment for $4,000 in cash; the asset had an original cost basis of $15,000 and a book value at disposition of $6,000. Acquired land valued at $21,000 and issued common stock in exchange. Acquired a warehouse costing $16,000 in exchange for a note payable. Settled a $10,000 long-term note payable by issuing common stock to the creditor. Declared a dividend of $5,000
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