Presented below are data taken from the records of Coronado Company.
December 31, 2020 December 31, 2019
Cash $14,900 $8,000
Current assets other than cash 84,300 59,700
Long-term investments 9,900 53,100
Plant assets 332,400 216,800
$441,500 $337,600
Accumulated depreciation $20,200 $40,400
Current liabilities 39,800 21,900
Bonds payable 74,500 –0–
Common stock 253,200 253,200
Retained earnings 53,800 22,100
$441,500 $337,600
Additional information:
1. Held-to-maturity debt securities carried at a cost of $43,200 on December 31, 2019, were sold in 2020 for $34,000. The loss (not unusual) was incorrectly charged directly to Retained Earnings.
2. Plant assets that cost $49,500 and were 80% depreciated were sold during 2020 for $8,100. The loss was incorrectly charged directly to Retained Earnings.
3. Net income as reported on the income statement for the year was $56,700.
4. Dividends paid amounted to $14,000.
5. Depreciation charged for the year was $19,400.
Prepare a statement of cash flows for the year 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parentheses e.g. (15,000).)
CORONADO COMPANY Statement of Cash Flows
Adjustments to reconcile net income to