Reference no: EM132657303
The information below was taken from the records of the Piper Company for the year ended December 31, 2020:
Acquisition of building $250,000
Amortization of premium on bonds payable 2,000
Decrease in deferred income tax liability 8,000
Decrease in inventories 6,000
Decrease in salaries payable 2,000
Depreciation expense 24,000
Dividends paid 11,000
Loss on sale of land 18,000
Increase in accounts payable 14,000
Increase in accounts receivable 5,000
Issuance of long-term bonds payable 150,000
Net income 240,000
Patent amortization expense 4,000
Preferred stock issued to convert bonds 50,000
Retirement of bonds 100,000
Proceeds from sale of land 80,000
Ending cash balance 400,000
Required:
Problem 1: Prepare Piper's statement of cash flows for 2020, using the indirect method.
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