Problem $4$: Incomplete Data: Preparation of a Balance Sheet and a Cash Flow Statement $-$Indirect Method $(20$ points$)$

Presented below is a partially completed balance sheet for Shannon Corporation at December $31,2020$

together with a comparative balance sheet at December $31,2019.$ Additional information is as follows:, Net income for the year ended December $31,2020$ was $$106,000.$Dividends paid during the year ended December $31,2020$ were $$42,000.$Working capital $($current assets minus current liabilities$)$ at December $31,2020$ was $$13,000.$

Long term debt increased by $$1,000.$Depreciation for $2020$ was $$20,000.$The Company did not dispose of any property during $2020.$

Shannon Corporation Balance Sheets December $31,2020$ and $2019$

${2020}_{?}$$$29,000$

Assets

Current assets:

Cash

Accounts receivable

Inventory

Total current assets

Net property & equipment

Total assets

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

Note payable

Total current liabilities

Long$-$term debt

Total liabilities

Stockholders' equity:

Common stock

Retained earnings

Total stockholders' equity

Total liabilities and equity

${2019}_{?}$

$$33,000$

$112,000$

$184,{000}_{?}$

$320,000$

$

$$649,000$