Question: Ivanhoe Ltd. which follows ASPE had the following comparative statement of financial position: Ivanhoe Ltd. Comparative Statement of Financial Position December 31 Assets 2024 Cash
Ivanhoe Ltd. which follows ASPE had the following comparative statement of financial position:
Ivanhoe Ltd.
Comparative Statement of Financial Position
December 31
Assets
2024
Cash
$65.600
unts receivable
108.800
64,000
Prepaid insurance
8,000
Equipment
246.400
Accumulated depreciation-equipment
(56,000)
Patents
64.000
$500,800
Liabilities and Shareholders' Equity
Accounts payable
$73.600
Interest payable
6.400
Salaries and wages payable
12,800
Income taxes payable
12,800
Long-term note navahle
96.000
Common shares
208.000
Retained earnings
91.200
Total liabilities and shareholders' equity
$500.84
2023
$40,000
81,600
96,000
6.400
208,000
(40,000)
80,000
$472,000
$64.000
9,600
6400
16,000
110,400
208,000
57,600
$472,000
Additional information:
Net income for the fiscal year was $43,200.
Equipment that cost $32,000 and was 70% depreciated was sold during 2024, for a gain of $3,200.
No patents were purchased or sold during the fiscal year.
Prepare Statement of cashflow using indirect Format.
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