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x Answer is not complete. ICE DRILLING INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Cash paid for merchandise inventory Cash paid for income taxes Cash paid for other expenses $ (671,400) (27,960) (211,840) X $1,112,400 564, 000 $548, 400 ror tear onded vecember 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense 46,000 Other expenses 306,560 Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes 352, 560 $ 195, 840 12, 280 $ 183,560 27,960 $ 155,600 Profit ICE Drilling Inc. Comparative Balance Sheet Information December 31 2020 2019 Cash $ 124, 680 $ 175,640 Accounts receivable 149,600 115, 10 Merchandise inventory 617,200 569,600 Prepaid expenses 12, 080 18,000 Equipment 358,080 250, 400 Accumulated depreciation 81,560 102, 560 Accounts payable 194. 240 254, 040 Current notes payable 26, 400 18,000 Notes payable 210,000 121,200 Common shares 454, 800 354, 000 Retained earnings 294, 640 279,000 Additional Information regarding ICE Drilling's activities during 2020: 1. Loss on sale of equipment is $12.280. 2. Paid $71,080 to reduce a long-term note payable. 3. Equipment costing $109,000, with accumulated depreciation of $67,000, Is sold for cash, 4. Equipment costing $216,680 is purchased by paying cash of $56,800 and signing a long term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $139,960 Other information: a. All sales are credit sales. b. All credits to accounts receivable in the period are receipts from customers. c. Purchases of merchandise are on credit d. All debits to accounts payable in the period result from payments for merchandise. e. The only decrease in income taxes payable is for payment of taxes. f. The other expenses are paid in advance and are initially debited to Prepaid Expenses