3. (S.0. 2) Presented below are data taken from the records of Geimer Company. December 31, 2019...
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3. (S.0. 2) Presented below are data taken from the records of Geimer Company. December 31, 2019 December 31, 2020 $ 10,000 36,000 66,000 6,000 Cash Accounts Receivable (net) Inventory Prepaid Expenses Land Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities Bonds Payable Common Stock Retained Earnings Additional Data: 124,000 225,000 (60,000) $407.000 $43,000 5,000 -0- 300,000 59,000 $407,000 $17,000 41,000 74,000 11,000 72,000 376,000 (40,000) $551.000 $44,000 12,000 100,000 300,000 95,000 $551,000 1. Land carried at a cost of $52,000 on 12/31/19, was sold in 2020 for $39,000. The loss was incorrectly charged directly to retained earnings. 2. Plant assets with a cost of $50,000 that were 60% depreciated were sold during 2020 for $15,000. The loss (not extraordinary) was reported on the income statement. 3. Net income as reported on the income statement for 2020 amounted to $63,000. 4. Cash dividends were paid during 2020. The entry to record the dividend included a debit to retained earnings and a credit to cash. 5. Depreciation expense for the year was $10,000. 6. Plant assets were purchased during the year. The seller accepted $100,000 in bonds and the remainder in cash. Instructions: Prepare a statement of cash flows using the indirect method and direct method for the year ended, December 31, 2020.
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