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Question - The changes in account balances for 2021, taken from the accounting records of F Company, are presented below:
Net change for 2021
DEBIT
CREDIT
Cash and cash equivalents
185,200
Accounts Receivable
110,000
Inventory
200,000
Buildings and equipment
1,880,000
Accumulated depreciation
290,000
Accounts payable
90,000
Income tax payable
25,200
Interest payable
60,000
Bonds payable, 8% due 5/1/2026
1,000,000
Ordinary share capital, no par
550,000
Retained earnings
320,000
Other information: Profit for the year was P579,950. Dividends were declared and paid. Equipment was purchased for P1,880,000. No buildings and equipment were sold during the year. 10,000 ordinary shares were sold for P55 per share. The 8% bonds were issued at par on April 1, 2021. The beginning cash balance was P42,000. Income tax rate is 30%.
Required - Prepare the Statement of Cash Flows for F Company for 2021.
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