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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

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

total 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)

total 546,200 464,000

X Co. Income Statement

December 31, 2020

Sales $568,000

Cost of Goods Sold 195,000

Depreciation expense 60,000

Amortization expense 10,000

Wage expense 35,000

Interest expense 11,400

Bad debt expense 8,000

Insurance expense 5,000

Sales and general administrative expenses 13,000

total: 230,600

Gain on sale of equipment 2,000

Loss on sale of land (21,000)

Income before income taxes 211,600

Income tax expense 63,400

Net income 148,200

Other comprehensive income ----

Gain on FVTOCI Investments 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: C) Prepare the cash flow from investing section of the Statement of Cash Flow. Use t-accounts

D) What is the amount of cash dividends paid for the year ended December 31, 2020. Use t-accounts

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