Whiskey Industries Ltd., a Nanaimo, British Columbia-based company has a December 31 year end. The company's comparative statement of financial position and its statement of income for the most recent fiscal year are presented here, along with some additional information: 1. 2. During the year, Whiskey Industries sold, for $ 440 cash, equipment that had an original cost of $ 880 and a net carrying amount of $ 180. Whiskey Industries borrowed an additional $ 7,040 by issuing notes payable in 2020. During the year, the company purchased a piece of land for a future manufacturing site for $ 176,000. The land was purchased with no money down and the company entered into a mortgage payable for the full amount 3. WHISKEY INDUSTRIES LTD. Statement of Financial Position As at December 31, 2020 2020 2019 Assets Current assets Cash $5,320 $ 17,160 8.800 17,600 Accounts receivable 530 440 Prepaid rent Inventory 35,200 26,400 WHISKEY INDUSTRIES LTD. Statement of Financial Position As at December 31, 2020 2020 2019 Assets Current assets Cash $ 5,320 $ 17,160 Accounts receivable 8,800 17,600 Prepaid rent 530 440 Inventory 35,200 26,400 Total current assets 49,850 61,600 Manufacturing equipment 139.920 88,000 Accumulated depreciation, manufacturing equipment (60,900) (44,000) Land 176,000 0 Total assets $ 304,870 $ 105,600 Liabilities and shareholders' equity Liabilities and shareholders' equity Current liabilities Accounts payable $ 9,680 $5,280 Wages payable 530 350 Dividends payable 410 260 Total current liabilities 10,620 5,890 Mortgage payable 176,000 0 Notes payable 40,480 35,200 Common shares 25,520 22,000 52,250 42,510 Retained earnings $ 304,870 $ 105,600 Total liabilities and shareholders' equity WHISKEY INDUSTRIES LTD. Stotomont of Income WHISKEY INDUSTRIES LTD. Statement of Income For the year ended December 31, 2020 Sales $ 114,400 Cost of goods sold 70,400 Gross margin 44,000 Expenses Rent expense 6,250 Wages expense 8,450 Depreciation expense 17,600 Interest expense 530 Income tax expense 460 Gain on sale of equipment (260) Net income $ 10,970 uestion 3 of 4 - / 100 Using the information above, prepare the statement of cash flows for Whiskey Industries Ltd. 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 eg. (15,000).) WHISKEY INDUSTRIES LTD Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 $ $ $ $ Supplementary disclosures: Cash paid for interest $ Cash paid for income tax cashpa $ ta
