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Problem 23-02 The comparative balance sheets for Shamrock Corporation show the following information. December 31 2020 2019 Cash $33,500 $12,900 Accounts receivable 12,100 10,000 Inventory 11,900 8,900 Available-for-sale debt investments -0- 3,100 Buildings 29,800 Equipment 44,900 19,900 Patents 4,900 6,200 $107,300 $90,800 -0- Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2,000 -0- 4,900 -0- 3,000 31,000 43,000 20,400 $107,300 $4,600 4,600 6,100 3,100 5,000 3,900 25,000 33,000 5,500 $90,800 Additional data related to 2020 are as follows. 1. Equipment that had cost $11,200 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,200 (net of $2,100 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,100 and income taxes of $6,600 were paid in cash. SHAMROCK CORPORATION Statement of Cash Flows For the Year Ended Decer Cash Flows from Operatin Net Income Adjustments to reconcile net income to TODOROT 100 como cantand 1 000 Supplemental disclosures of cash flow Information: mm