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TUI IU. TUVIUI JULUITIUITLU HUVU VITUITU Vry. Balance Sheet Information December 31, 2020 2020 Cash $236,600 Accounts receivable 33,000 Merchandise inventory 61,500 Long-term investment Machinery
TUI IU. TUVIUI JULUITIUITLU HUVU VITUITU Vry. Balance Sheet Information December 31, 2020 2020 Cash $236,600 Accounts receivable 33,000 Merchandise inventory 61,500 Long-term investment Machinery 455,000 Accumulated depreciation, machinery (290,000) Total assets $496,100 Accounts payable $65,600 Bonds payable 66,000 Common shares 280,000 Retained earnings 164,500 Total liabilities and shareholders' equity $496,100 2019 $146,500 47,000 49,000 26,000 365,000 (200,000) $433,500 $51,200 Difference $90,100 (14,000) 12,500 (26,000) 90,000 (90,000) $62,600 $14,400 66,000 200,000 182,300 $415,700 (17,800) $62,600 Income Statement For the Year Ended December 31, 2020 $982,000 Sales Cost of goods sold Other expenses Depreciation expenses Profit from operations $703,000 135,000 90,000 928,000 $54,000 SH equity $496,100 $415,700 $62,600 $982,000 Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold $703,000 Other expenses 135,000 Depreciation expenses 90,000 Profit from operations Loss on sale of long-term investment 928,000 $54,000 10,000 $44,000 Profit The following occurred during 2020: a. Purchased machinery for $90,000 cash. b. Sold the long-term investment for $16,000. c. Issued $66,000 of bonds payable at face value. d. Declared and paid a $61,800 cash dividend. Required: Prepare a Statement of Cash Flows using the indirect method. (15 marks)
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