View Policies Current Attempt in Progress Coronado Inc is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Coronado are presented below. STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2021 2020 Cash 55,600 20.250 25.250 10,650 30,400 15.400 15,800 10.800 127.050 57.100 Accounts receivable Inventory Prepaid expenses Total current assets Property and Equipment Property and equipment Less: Accumulated depreciation Net property and equipment 160.700 150,700 78.900 70,000 81.800 80.700 TOTAL ASSETS $208.850 $137,800 70.YUU 70,000 Net property and equipment 81,800 80.700 TOTAL ASSETS $208,850 $137,800 Current Liabilities Accounts payable Salaries payable 11,200 15,100 10,800 8,800 Interest payable 2,650 3,650 Total current liabilities 24,650 27.550 100,700 60.700 125,350 88,250 Loan payable Total Liabilities Shareholders' Equity Common shares Retained earnings Total shareholders' equity 9,850 450 73,650 49.100 83,500 49,550 $208,850 $137,800 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $208,850 $137.800 INCOME STATEMENT For the Years Ended December 31 2021 2020 500,000 Sales revenue Cost of sales 611,150 417,000 350,000 Gross margin 194,150 150,000 Expenses 136,000 125,000 3,500 2,400 6,000 3,000 14,900 8,000 Salary expense Interest expense Other expenses Depreciation expense Total expenses Operating income Gain on disposal of equipment 160,400 138,400 33,750 11,600 1,850 6,400 1.972 Income tax expense $29.200 $9.628 38,750 11,600 Gain on disposal of equipment 1.850 Income tax expense 6,400 1.972 Net income $29.200 $9.628 The following is additional information concerning Coronado's transactions during the year ended December 31, 2021 . . . Equipment costing $40,000 was purchased by paying $34,250 cash and issuing 100 shares, Equipment costing $30,000 that was purchased at the beginning of 2020 was sold at the end of 2021 for $25,850. Straight line depreciation had been used with an expected asset life of 10 years and a residual value of $0. The "other expenses relate to prepaid items In order to supplement its cash. Coronado borrowed an additional $40,000. Cash dividends of $4,650 were paid at the end of the fiscal year. Cost of sales includes $165,000 of direct labour costs. . Prepare a statement of cash flows for Coronado for the year ended December 31, 2021, using the direct method. Coronado follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a - sign e g. -15,000 or in parenthesis eg (15,000) Cash dividends of $4,650 were paid at the end of the fiscal year. Cost of sales includes $165.000 of direct labour costs. Prepare a statement of cash flows for Coronado for the year ended December 31, 2021, ning the direct method. Coronado follow ASPE. Include any note disclosure on non cash financing and investing transactions, (Show mounts that decretose cash flow with either a : signes -15,000 or in porenthesis es (15,0001) Coronado, loc. Statement of Cash Flows > Non-cash investing and financing activities Attempts: 0 of lused SA