Angel Company has prepared its financial statements for the year ended December 31, 2019, and for the 3 months ended March 31, 2020. You have been asked to prepare a statement of cash flows for the 3 months ended March 31, 2020. The company’s balance sheet data at December 31, 2019, and March 31, 2020, and its income statement data for the 3 months ended March 31, 2020, follow. You are satisfied as to the correctness of the amounts presented.

...........................................................................................Income Statement Data
............................................................................................for the 3 Months Ended
...................................................................................................March 31, 2020
Sales ...................................................................................................$242,807
Gain on sale of marketable investments ............................................2,400
Equity method earnings from Titan investment (30% ownership) ...5,880
Ordinary gain on condemnation of land .............................................8,560
Total revenues ..................................................................................$259,647
Cost of sales ......................................................................................$157,354
General and administrative expenses ...............................................22,010
Depreciation ............................................................................................1,250
Interest expense .....................................................................................1,150
Income taxes .........................................................................................13,865
Total expenses .................................................................................$195,629
Net income ........................................................................................$ 64,018

Your discussion with the company’s controller and a review of the financial records have revealed the following information:
a. On January 7, 2020, the company sold marketable securities for cash. These securities had cost $9,200, and had a fair value of $8,600 at December 31, 2019. The remaining marketable securities were adjusted to their $7,400 fair value on March 31, 2020, by adjustment of the related allowance account. The dividend and interest revenue on these marketable securities is not material.
b. The company’s preferred stock was converted into common stock at a rate of one share of preferred for two shares of common. The preferred stock and common stock have par values of $2 and $1, respectively.
c. On January 16, 2020, 3 acres of land were condemned. An award of $29,860 in cash was received on March 24, 2020. Purchase of additional land as a replacement is not contemplated by the company.
d. On March 25, 2020, the company purchased equipment for cash.
e. On March 26, 2020, bonds payable were issued by the company at par for cash.
f. The equity investment representing a 30% ownership interest in Titan Company included an amount of $9,600 attributable to an increase in the recorded value of depreciable assets at December 31, 2019. This increase is being depreciated at a quarterly rate of $480.

Required:
1. Prepare a spreadsheet to support the statement of cash flows for Angel for the 3 months ended March 31, 2020.
2. Prepare the statement of cash flows.

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Balance Sheet Data March 31, December 31, 2019 2020 $ 25,300 17,500 (1,000) 24,320 31,090 $ 97,210 40,000 250,000 $ 79,400 8,300 (900) 49,320 48,590 $184,710 18,700 250,000 81,500 (16,250) Cash Marketable investments (at cost) Allowance for decrease in value Accounts receivable Inventory Total current assets Land Building Equipment Accumulated depreciation Equity investment (30% ownership of Titan Company) Other assets Totals (15,000) 61,220 15,100 $448,530 $ 21,220 67,100 15,100 $600,860 $ 38,417 13,529 $ 51,946 115,000 (2,150) Accounts payable Income taxes payable Total current liabilities Bonds payable Discount on bonds payable Deferred taxes payable Preferred stock $ 21,220 50,000 (2,300) 510 846 30,000 80,000 Common stock Unrealized decrease in value of marketable 110,000 (1,000) (900) (8,000) 147,118 187,000 $600,860 investments Dividends declared Retained earnings Other liabilities Totals 83,100 187,000 $448,530