"Please answer in good accounting form and all amounts should be captioned, no abbreviations."

Problem 17-5 (AICPA Adapted) Fearsome Company showed the following comparative statement of financial position: 2021 2020 cash and cash equivalents 2,350,000 Accounts receivable, net of allowance 600,000 350,000 Inventory 1,000,000 700.000 Investment in Hall Company at equity 2,200,000 850,000 2,000,000 2,000,000 Land Property. plant and equipment 1,500,000 5,000,000 Accumulated depreciation 4,000,000 1,050,000) 800.000) Good will 400.000 100,000 12,500,000 9,000.000 Accounts payable 600,000 550,000 Note payable - long term 500,000 Bonds payable 1,600,000 2,100,000 Share capital, P100 par 5, 250,000 4,000,000 Share premium 2,700,000 1,750,000 Retained earnings 1,850,000 1,300,000 Treasury shares, at cost 700,000) 12,500,000 9,000.000 Additional information for 2021 1. The net income for the current year was P3,050,000, 2 . Cash dividend paid amounted to P2,500,000. 3. The entity sold equipment costing P200,000, with carrying amount of P50,000, for P70,090 cash. 1. The entity issued 10,000 shares of capital for P150 per share cash. 5. The entity sold all of its treasury shares for P900,000 cash. 6. Individuals holding bonds with face amount of P500,000 exercised their conversion privilege. Each of the 500 bonds was converted into 5 shares of capital. 7. The entity purchased equipment for P1,200,000. 8. Land with a fair value of P500,000 was purchased through the issuance of a long term note. Required: Prepare a statement of cash flows for the current year. 521