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There are no dividends details in the assignment. What is posted is all that is in the text book. The following are Coronado Corp.'s comparative
There are no dividends details in the assignment. What is posted is all that is in the text book.
The following are Coronado Corp.'s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS Increase (Decrease) 2020 2019 Cash $815,400 $702,000 $113,400 Accounts receivable 1,121,200 1,174,200 Inventory 1,862,000 1,719,800 Property, plant, and equipment 3,287,700 2,938,200 Accumulated depreciation (1,175,000 ) (1,047,300 ) Investment in Myers Co. 309,300 273,800 Loan receivable 248,600 (53,000 ) 142,200 349,500 (127,700 ) 35,500 248,600 Total assets Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $6,469,200 $1,013,800 29,900 80,700 409,300 500,000 1,497,600 2,937,900 $6,469,200 $5,760,700 $952,700 50,200 99,000 500,000 1,497,600 2,661,200 $5,760,700 $708,500 $61,100 (20,300 ) (18,300 ) 409,300 276,700 $708,500 Additional information: 1. On December 31, 2019, Coronado acquired 25% of Myers Co's common stock for $273,800. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,095,200. Myers reported income of $142,000 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year. 2. During 2020, Coronado loaned $309,700 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $61,100, plus interest at 10%, on December 31, 2020. 3. On January 2, 2020, Coronado sold equipment costing $59,800, with a carrying amount of $38,000, for $39,800 cash. 4. On December 31, 2020, Coronado entered into a capital lease for an office building. The present value of the annual rental payments is $409,300, which equals the fair value of the building. Coronado made the first rental payment of $59,700 when due on January 2, 2021. 5. Net income for 2020 was $357,400. 6. Coronado declared and paid the following cash dividends for 2020 and 2019. Prepare a statement of cash flows for Coronado Corp. for the year ended December 31, 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CORONADO CORP. Statement of Cash Flows $ Adjustments to reconcile net income to tA $ Adjustments to reconcile net income to > $ $Step by Step Solution
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