1 (7 Grades) The following comparative balance sheets 2019 & 2020 and additional information for "National Company are given Assets Dec. 31. 2020 Dec. 31. 2019 Cash $312,000 $52.000 Accounts Receivable 104,000 96,000 Inventory and supplies 60,000 116,000 Investments 72.000 Machines 228,000 208,000 Accumulated depreciation- (56,000) (40,000) Machines Total Assets $648.000 $504.000 Liabilities & Stockholders' Equity Note payable 148.000 108,000 Bonds payable (long-term) 148,000 188,000 Common Stock 160,000 80,000 Retained Earnings 192,000 120,000 Total Liabilities & Stockholders $648.000 $504.000 Equity Income Statement & Additional information: 1. Net income for the current year ending December 31, 2020 is $116,000. 2. Sold investments for cash, cost $72,000 and resulting in $12,000 gain. 3. The only changes affecting retained earnings are net income and cash dividends paid. 4. All the following transactions are in cash: Purchased new machines; repay bonds payable, and issuance common stock Required: Prepare the full statement of cash flows using indirect method for the year ended December 31, 2020