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Singh Company started business on January 1, 2020. The following transactions occurred in 2020:

1.		On January 1, the company issued 10,000 common shares for $250,000.
2.		On January 2, the company borrowed $54,500 from the bank.
3.		On January 3, the company purchased land and a building for a total of $190,000 cash. The land was recently appraised at a fair market value of $57,000. (Note: Because the building will be depreciated in the future and the land will not, these two assets should be recorded in separate accounts.)
4.		Inventory costing $131,000 was purchased on account.
5.		Sales to customers totalled $208,000. Of these, $175,000 were sales on account.
6.		The cost of the inventory that was sold to customers in transaction 5 was $121,300.
7.		Payments to suppliers on account totalled $123,500.
8.		Collections from customers on account totalled $155,000.
9.		Payments to employees for wages were $58,300. In addition, there was $2,400 of unpaid wages at year end.
10.		The interest on the bank loan was recognized for the year. The interest rate on the loan was 6%.
11.		The building was estimated to have a useful life of 30 years and a residual value of $19,000. The company uses the straight-line method of depreciation.
12.		The company declared dividends of $7,200 on December 15, 2020, to be paid on January 15, 2021.

Prepare a statement of changes in equity for 2020. Singh Company Statement of Changes in Equity December 31, 2020 Number of Common Shares Share Capital - Common Shares Retained Earnings Issuance of Common Shares ta $ $ > $ ta Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a-sign e g. -15,000 or in parenthesis eg. (15,000).) Singh Company Statement of Cash Flows For the Year Ending December 31, 2020 $ $ $

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