3.4.5.6.On January 2, 2020, Grouper sold equipment costing $59,800, with a carrying amount of $38,000, for $39,800 cash.On December 31, 2020, Grouper entered into a capital lease for an office building. The present value of the annual rentalpayments is $409,300, which equals the fair value of the building. Grouper made the first rental payment of $59,700 whendue on January 2, 2021.Net income for 2020 was $357,400.Grouper declared and paid the following cash dividends for 2020 and 2019.DeclaredPaidAmount2020December 15, 2020February 28, 2021$80,7002019December 15, 2019February 28, 2020$99,000Prepare a statement of cash flows for Grouper Corp. for the year ended December 31, 2020, using the indirect method. (Show amountsthat decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).)Adjustments to reconcile net income toGROUPER CORP.Statement of Cash Flows<<<<<$$69 The following are Grouper Corp's comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing theincrease (decrease) from 2019 to 2020.CashAccounts receivableInventoryProperty, plant, and equipmentAccumulated depreciationInvestment in Myers Co.Loan receivableTotal assetsAccounts payableIncome taxes payableDividends payableLease liabililtyCommon stock, $1 parPaid-in capital in excess of par-common stockRetained earningsTotal liabilities and stockholders' equityAdditional information:1.COMPARATIVE BALANCE SHEETS2.2020$815,4001,121,2001,862,0003,287,700(1,175,000 )309,300248,600$6,469,200$1,013,80029,90080,700409,300500,0001,497,6002,937,900$6,469,2002019$702,0001,174,2001,719,8002,938,200(1,047,300 )273,800$5,760,700$952,70050,20099,000500,0001,497,6002,661,200$5,760,700Increase(Decrease)$113,400(53,000)142,200349,500(127,700 )35,500248,600$708,500$61,100(20,300 )(18,300 )409,300276,700$708,500On December 31, 2019, Grouper acquired 25% of Myers Co's common stock for $273,800. On that date, the carrying valueof Myers's assets and liabilities, which approximated their fair values, was $1,095,200. Myers reported income of$142,000 for the year ended December 31, 2020. No dividend was paid on Myers's common stock during the year.During 2020, Grouper loaned $309,700 to TLC Co., an unrelated company. TLC made the first semiannual principalrepayment of $61,100, plus interest at 10%, on December 31, 2020.

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Description: 3.4.5.6.On January 2, 2020, Grouper sold equipment costing $59,800, with a carrying amount of $38,000, for $39,800 cash.On December 31, 2020, Grouper entered into a capital lease for an office building. The present value of the annual rentalpayments

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Prepare a statement of cash flows for Grouper Corp. 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 e.g. (15,000).) Adjustments to reconcile net income to GROUPER CORP. Statement of Cash Flows > < < < SA +A

Prepare a statement of cash flows for Grouper Corp. 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 e.g. (15,000).) Adjustments to reconcile net income to GROUPER CORP. Statement of Cash Flows > < < < SA +A

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 14E: Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In...

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