As the accountant for Far Away Corporation, you are responsible for preparing the cash flow statement. You have the following accounting records:
- Long Term Debt payments $90,000
- Collections on accounts receivable $62,000
- Increase in accounts payable $15,000
- Acquisition of equipment by issuing non-current note payable $70,000
- Depreciation expense $628,000
- Collection of long-term loan receivables $63,000
- Proceeds from sale of investments $55,000
- Gain on sale of investments $3,200
- Increase in accounts receivable $8,500
- Cash payments to purchase capital assets $34,000
- Decrease in accrued liabilities $9,500
- Payment of cash dividends $16,500
- Income tax expense $25,000
- Proceeds from sale of capital assets $50,000
- Loss on sale of capital assets $8,300
- Net income $75,000
- Cash sales $78,000
- Proceeds from issuance of common shares $32,000
- Increase in inventory $12,000
- Loan to another company $18,000
- Bonds payable converted into common shares $160,000
- Decrease in prepaid expenses $3,500
- Cash balance: December 31, 2018 $85,000
- Cash balance: December 31, 2019 $223,100
Required: Prepare the cash flow statement for the year ended December 31, 2019 under ASPE, using the indirect method and include a schedule of non-cash investing activities.
