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Question - The following information is taken from Bruh Corporation's financial statements:
December 31
2019
2018
Cash
$92,000
$72,000
Accounts receivable, net
60,500
66,900
Inventory
152,000
155,000
Prepaid expenses
7,500
8,800
Land
83,000
50,000
Buildings
244,000
Accumulated depreciation - building
(37,000)
(13,000)
Equipment under finance lease
150,000
0
Patents, net of accumulated amortization
38,000
35,000
$790,000
$618,700
Accounts payable
$42,000
$86,000
Accrued pension liability
54,000
63,000
Finance lease obligation
140,000
Bonds payable
145,000
60,000
Common shares
100,000
106,000
Retained earnings
326,000
312,700
Treasury shares, at cost
(17,000)
(9,000)
Additional Information For 2019 Year -
Net income
$33,300
Depreciation expense
$14,000
Impairment loss on building
$10,000
Pension expense
$15,000
Amortization of patents
$7,000
Cash dividends declared and paid
$20,000
Equipment finance lease payment
There were no actuarial revaluations during the year. Additionally, the expected returns and actual returns on Pension Fund Assets were identical.
Common shares (other than those in treasury shares) were repurchased at their paid in value and cancelled.
Required: Prepare a statement of cash flows (indirect method) for Bruh Corporation for the year 2019.
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