F G H 3 B D E The following information is for Tulip Co, for the year ended December 31, 2020. 5 6 Tulip Co. Balance Sheet As at December 31 7 8 2020 2019 Change $ 9 ASSETS 10 Cash 11 Accounts Receivable (net) 12 Inventory 13 Prepaid expenses 14 FV-NI investments 15 Land 16 Equipment 17 Accumulated depreciation - equipment 18 Patent 19 TOTAL ASSETS 20 KANILIRANIN CLADIALDEN FALT $ 5,000 28,300 45,800 7,500 43,700 389,000 632,000 (303,400) 35,000 $ 882,900 8,200 25,600 47,300 8,200 38,000 264,000 488,000 (250,700) $ 628,600 $ 882,900 $ 628,600 15,600 8,500 19 TOTAL ASSETS 0 1 LIABILITIES AND SHAREHOLDER'S EQUITY 2 Accounts payable Dividends payable Long-term notes payable Deferred tax liability Bank loan TOTAL LIABILITIES SHAREHOLDER'S EQUITY Common Shares Retained Earnings TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 18,800 12,500 125,000 5,820 50,000 $ 212,120 7,200 $ 31,300 + $ 282,000 388,780 $ 670,780 $ 882,900 $ 265,000 332,300 $ 597,300 $ 628,600 Other information for 2020: 1). Tulip prepares its accounting records in accordance with IFRS and has adopted the policy of classifying dividends paid as financing activities and dividends received as investing activities. H Other information for 2020: (1). Tulip prepares its accounting records in accordance with IFRS and has adopted the policy of classifying dividends paid as financing activities and dividends received as investing activities. (2). Net income for the year ended December 31, 2020 was $68,980. (3). Land was purchased by issuing a long-term note for $125,000. (4). The change in the FV-NI investments is from the change in the market value of the securities for the fiscal year 2020. There were no purchases or sales of these securities during the 2020 fiscal year. 5). Cash dividends were declared and paid in 2020. 6). Tulip purchased a new patent with an indefinite useful life (not amortized). -). New equipment was purchased in cash during 2020. In addition, equipment with an original cost of $48,000 and net book value of $12,000 was sold during the year at a gain of $3,000. REQUIRED: Using the space BELOW, prepare a Statement of Cash Flows using the indirect method for the year ended December 31, 2020 Select the appropriate time period, headers and subtotals of the statement using the drop-down boxes provided (highlighted in green cells). T-Accounts have been provided above to support your response. Make sure to show all calculations! Only the blue and green cells will be marked. It is suggested to cell reference as much as possible to avoid typos. Tulip Co. Statement of Cash Flows Non-cash adjustments: Q6 Q5 Q4 + Q3 PART B Q3 PART A Q2 Q1 = A Cover Sheet