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White Horse Ltd. has prepared the following comparative statements of financial position at December 31, 2019 and 2020: White Horse adheres to ASPE. 20202019 Cash$150,000$109,000

White Horse Ltd. has prepared the following comparative statements of financial position at December 31, 2019 and 2020: White Horse adheres to ASPE.

20202019

Cash$150,000$109,000

Accountsreceivable53,00039,000

Inventory50,00060,000

Prepaidexpenses6,0009,000

Property, plant &equipment420,000350,000

Accumulateddepreciation(150,000)(125,000)

$ 529,000$442,000

Accountspayable$51,000$ 56,000

Accruedliabilities20,00014,000

Mortgagepayable150,000

Preferredshares215,000

Commonshares200,000200,000

Retained earnings43,00022,000

$ 529,000$ 442,000

Additional information:

  1. There were no disposals of property, plant and equipment, but new equipment was purchased during 2020.
  2. Depreciation expense was included in operating expenses.
  3. Cash dividends declared and paid for the year.

The condensed income statement for 2020 is as follows:

Sales$ 660,000

Cost of sales363,000

Grossprofit297,000

Operating expenses230,000

Netincome$67,000

Using the above information make a statement of cash flows in proper format using indirect method for period ending December. 31, 2020.

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