X Co. had the following statements prepared as of December 31, 2020:

X Co.

Balance Sheet

December 31, 2020

	2020	2019
Cash	57,000	53,500
Accounts Receivable	58,000	51,000
Allowance for doubtful accounts	(7,800)	(4,500)
Inventory	40,000	60,000
Prepaid Expenses	5,000	4,000
Equipment	154,000	130,000
Land	120,000	80,000
Building	115,000	95,000
Accumulated depreciation	(90,000)	(82,000)
FVTOCI Investments	25,000	15,000
Patents	70,000	62,000
	546,200	464,000
Accounts payable	46,000	40,000
Wages Payable	2,000	2,200
Income taxes payable	4,000	6,000
Unearned revenue	25,000	50,000
Longterm loans payable	60,000	69,000
Common Shares	130,000	130,000
Retained earnings	275,800	168,000
Accum OCI FVTOCI investments	3,400	(1,200)
	546,200	464,000

X Co.

Income Statement

December 31, 2020

Sales Cost of Goods Sold Depreciation expense Amortization expense Wage expense Interest expense Bad debt expense Insurance expense Sales and general administrative expenses Gain on sale of equipment Loss on sale of land Income before income taxes Income tax expense Net income Other comprehensive income Gain on FVTOCI Investments	2020 $568,000 195,000 60,000 10,000 35,000 11,400 8,000 5,000 13,000 230,600 2,000 (21,000) 211,600 63,400 148,200 5,000
Total comprehensive income	153,200

Other information:

The company exchanged shares for land having a value of $95,000

Equipment with a cost of $20,000 was sold during 2020.

During the year the company acquired $19,000 in additional FVTOCI investments for cash. Land having a cost of $75,000 was disposed during the year.

Required:

1. Prepare the cash flow from operation section of the Statement of Cash Flow using the indirect method
2. Prepare the cash flow from operations section of the Statement of Cash Flow using the direct method
3. Prepare the cash flow from investing section of the Statement of Cash Flow.
4. What is the amount of cash dividends paid for the year ended December 31, 2020.

Hint: I strongly recommend doing taccounts for parts BD. If you elect not to do the t accounts please ensure you show the calculations as marks will be awarded based on using the correct numbers in the formulas. When taccounts are not used there tends to be greater room for errors.