prepare the statement of cash flows using the indirect method

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TV Question #1 (46 marks) Gadfly Corporation's income statement for the year ended December 31, 2020, and comparative balance sheets at December 31, 2019 and 2020 appear below: Gadfly Corporation Comparative Balance Sheets Dec, 2019 Dec. 2020 Assets Cash A/R Inventory $ 80 100 190 $240 150 130 LT-investments Plant and equipment Acc. Depreciation Land Total 220 400 (200) 0 $790 180 440 (220) 580 $1,500 Liabilities and equity A/P Wages payable $210 80 $ 90 60 LT-NP C/S R/E Total 100 100 300 $790 270 600 480 $1,500 Income Statement For the Year Ended December 31, 2020 Sales revenue CGS Depreciation Other expenses Loss on sale of equipment Gain on sale of LT-investments NI $1,340 (760) (100) (300) (20) 100 $ 260 Additional data for 2020: i. Plant and equipment costing $160 (50% depreciated) was sold at the end of 2020 for $60 cash. ii. Acquired land costing $200; paid $50; gave LT-NP for the balance. iii. Paid $80 on LT-NP. iv. Issued common stock for $200 cash. Acquired plant and equipment for $200; paid 50% cash; gave LT-NP for the balance. vi. Issued 300 C/S for land with a fair value of $380 and paid the balance in cash. The shares were actively traded at $1 per share. vii. Sold LT-investments for $140. viii. Dividends were declared and paid in the same year, V. vi. Issued 300 C/S for land with a fair value of $380 and paid the balance in cash. The shares were actively traded at $1 per share. Sold LT-investments for $140. Dividends were declared and paid in the same year. vii. viii. Required: a. Prepare the statement of cash flows using the INDIRECT method. 24 marks