P5-5 (Appendix 5A) Preparing the Statement of Cash Flows with Sale of Equipment (Indirect Method) LO52,53,55,551 The following informotion has been reported by Laporte inc, on its statements of financial position at December 31,2019 and 2020 and on ats statement of earnings for the year ended December 31,2020 . Amounts are in millions of dollars: Additional information is as follows: a. Oid equipment was sold for cash during 2020. It had an original cost of $34 and an accumulated depreciation of $20 b. A new buliding was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cesh. Required. 1. Prepare the operating activities section of the statement of cash fiows for Laporte lnc. for the year ended December 3t, 2020 by using the indirect method. (Nesative answers should be indicated by a minus sign. Enter your answers in millions.) Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Ind. for the year ended December 31, 2020 by using the indirect method. (Negative answors should bo indicated by a minus shan. Enter your ankwers in mlliiinsi ). 2. Prepare the investing activites section of the statement of cash flows for toporte ine for the year ended December 31 , 2020. (Negative answers should be indicated by a minus nign. Enter your answers in minions.) 3. Compute each of the following for the year 2020: (a) quality of earnings ratio, ( b ) capital expenditures ratio, and (C) free cash flow. (Negative answers should be indicated by a minus sign. Round "Patio" answers to 2 decimal places.) 4. Based on your answers to (1.) and (2.) above, determine the net cash flow from financing activities. (Hint: This can be done without. preparing the financing activities section of the statement.) (Enter your answer in milions.) 5. The president of Loporte inc. Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash fiows that you prepared in (1.), and made the following comment. "This report is supposed to show operating cash inflows and outflows during the year, but I don't see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for income taxes. Please ask whoever prepared this statement to provide me with these numbers," Based on Tonya's comment, compute the following amounts for 2020: (Enter your answers in millions.) P5-5 (Appendix 5A) Preparing the Statement of Cash Flows with Sale of Equipment (Indirect Method) LO52,53,55,551 The following informotion has been reported by Laporte inc, on its statements of financial position at December 31,2019 and 2020 and on ats statement of earnings for the year ended December 31,2020 . Amounts are in millions of dollars: Additional information is as follows: a. Oid equipment was sold for cash during 2020. It had an original cost of $34 and an accumulated depreciation of $20 b. A new buliding was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cesh. Required. 1. Prepare the operating activities section of the statement of cash fiows for Laporte lnc. for the year ended December 3t, 2020 by using the indirect method. (Nesative answers should be indicated by a minus sign. Enter your answers in millions.) Required: 1. Prepare the operating activities section of the statement of cash flows for Laporte Ind. for the year ended December 31, 2020 by using the indirect method. (Negative answors should bo indicated by a minus shan. Enter your ankwers in mlliiinsi ). 2. Prepare the investing activites section of the statement of cash flows for toporte ine for the year ended December 31 , 2020. (Negative answers should be indicated by a minus nign. Enter your answers in minions.) 3. Compute each of the following for the year 2020: (a) quality of earnings ratio, ( b ) capital expenditures ratio, and (C) free cash flow. (Negative answers should be indicated by a minus sign. Round "Patio" answers to 2 decimal places.) 4. Based on your answers to (1.) and (2.) above, determine the net cash flow from financing activities. (Hint: This can be done without. preparing the financing activities section of the statement.) (Enter your answer in milions.) 5. The president of Loporte inc. Tanya Turcotte, was provided with a copy of the operating activities section of the statement of cash fiows that you prepared in (1.), and made the following comment. "This report is supposed to show operating cash inflows and outflows during the year, but I don't see how much cash Laporte Inc. received from customers and how much it paid to trade suppliers and for income taxes. Please ask whoever prepared this statement to provide me with these numbers," Based on Tonya's comment, compute the following amounts for 2020: (Enter your answers in millions.)