1 34 5 4. Statement or cash nows preparation. Selected financial statement information and additional data for Johnston Enterprises is presented below. Prepare a statement of cash flows for the year ending December 31, 2020. Johnston Enterprises Balance Sheet and Income Statement Data December 31, December 31, 2020 2019 Current Assets: Cash $153,000 $119,000 Accounts Receivable 238.000 306,000 Inventory 391,000 340,000 Total Current Assets 782,000 765,000 Property, Plant, and Equipment 1,241,000 1,122,000 Less: Accumulated Depreciation (476,000) (442,000) Total Assets $1.547.000 $1.445.000 Current Liabilities: Accounts Payable $187,000 $102,000 Notes Payable 51,000 68,000 Income Taxes Payable 85,000 78,500 Total Current Liabilities 323,000 248.500 Bonds Payable 340,000 391,000 Total Liabilities 663.000 637,500 Stockholders' Equity: Retained Earnings Common Stock Total Stockholders' Equity 510.000 467,500 374,000 340,000 884.000 807,500 Total Liabilities & Stockholders' Equity $1.547.000 $1.445.000 Sales Revenue 1,615.000 $1.513,000 Less Cost of Goods Sold 751.000 731.000 Gross Profit 864.000 782,000 Expenses Depreciation Expense 153.000 136,000 Salaries and Wages Expense 391.000 357,000 Interest Expense 34.000 34,000 Loss on Sale of Equipment 12.000 0 Income Before Taxes 274,000 255.000 Less Income Tax Expense 110.000 102.000 Net Income $164.000 $153.000 Additional Information: During the year. Johnston sold equipment with an original cost of $153,000 and accumulated depreciation of $119,000 and purchased new equipment for $272,000. 7