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View Policies Current Attempt in Progress The condensed financial statements of Stauttner, Inc. appear below: STAUTTNER, INC. Statement of Financial Position December 31 Assets 2020 Cash $62,092 Accounts receivable 57,200 Inventories 105,650 Prepaid expenses 5.720 Property, plant and equipment 215,600 Accumulated depreciation (65.560) Intangible assets 47,680 $428.382 Liabilities and Shareholders Equity Accounts payable $41.180 Wages payable 14 960 Income taxes payable 1.100 Bonds payable 83.600 Common shares 154.000 Retalned earnings 103.542 $428.382 2019 $36,120 54.560 108,860 5.460 211.200 (63.360) 40.480 $393.320 $36.080 13.640 1.540 96.800 154.000 91.260 $395,320 STAUTTNER, INC. Statement of Income STAUTTNER.INC. Statement of Income Year Ended December 31, 2020 Sales $482,200 Cost of goods sold 303,600 Gross profit 178,600 Operating expenses $33,880 Depreciation expense 40.920 Loss on sale of equipment 6,290 81.090 Profit from operations 97.510 Less: Interest expense 2,400 Profit before income tax 95.110 Income tax expense 28,533 Net income $66,577 Additional information: New equipment costing $62.480 was purchased for cash during the year. The increase in intangible assets is related to legal fees incurred to trademark new packaging designs. Accounts payabiere ate only to merchandise creditors. Operating expenses included wages expense of $28.160. Interest expense was paid in cash during the year. 41 Prepare a statement of cash flows for Stauttner Inc. using the direct method. Assume Stauttner follows IFRS and has chosen to dassify interest paid and collected as operating activities and dividends received as operating activities while dividends paid are financing activities, (Show amounts that decrease cash flow with either a-signes -15,000 or in parenthesis es. (15,000) STAUTTNER, INC. Statement of Cash Flows (Direct Method) Year Ended December 31, 2020