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Stellar Inc., a greeting card company, had the following statements prepared as of December 31, 2020. STELLAR INC. COMPARATIVSTELLAR INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338,200 Cost of goods sold 174,500 Gross pSTELLAR INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities - Net Income 2Cash Flows from Investing Activities Purchase of Equipment -25,300 Sale of Equipment Purchase of Investments Net Cash Used by

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Answer #1
Statement of Cash Flows
For the Year Ended December 31, 2020
Cash Flows from Operating Activities:
Net income 26800
Adjustments to reconcile net income to
Net cash provided by operating activities
Depreciation expense 24540 =35200-(24800-20200*70%)
Gain on Sale of Equipment -2000
Decrease in inventories 20100
Increase in prepaid rent -1000
Decrease in income taxes payable -1900
Increase in Accounts receivable -10500
Increase in accounts payable 6000
Increase in salaries and wages payable 4000
Amortization of Copyright 4000 =49800-45800
43240
Net cash provided by operating activities 70040
Cash Flows from Investing Activities:
Purchase of Equipment -45500 =(129900-20200)-155200
Sale of Equipment 8060 =(20200*30%)+2000
Purchase of Investments -16900 =17900-34800
Net Cash used by Investing Activities -54340
Cash Flows from Financing Activities
Dividend payments -6000
Principal payment on Long-term loan -8800 =60100-68900
Principal payment on Short-term loan -1900 =8000-9900
Net Cash Used by Financing Activities -16700
Net Decrease in Cash -1000
Cash at Beginning of Period 7100
Cash at End of Period 6100
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