2 Jake Corporation's income statement for the year ended March 31, 2020 is given below Sales $122.000 Cost of goods sold 24.05 Gross margin 47,950 Less Operating expenses 22.500 Operating income 25.450 Interest expense 1400 Income before taxes 24.050 Taxes 6.150 Net income 174900 The balance sheet for the year ending March 31, 2019 and 2020 are as follows: 2020 2019 ASSETS Cash Accounts receivable Inventory Prepayments Furniture Less: Accumulated depreciation on Furniture 69.900 21,000 43.400 3.200 35,000 2.000 183.500 12 500 26,000 48,400 2.600 60 000 5.000 144.500 Accounts payable Taxes payable Notes payable Common Stock Retained earnings 13,000 1,200 37.000 115,000 17.300 183.500 14,000 1.800 35,000 90,000 3200 LOR The following information is also given: 2. The company issued $22,000 of notes payable to acquire furniture. b. Depreciation expenses recorded on furniture for the year amounted to $19.300 c. Repaid notes during the year $20,000 d. Furniture costing $27,000 with accumulated depreciation of $15,300 was sold at book value. c. Dividends declared and paid during the year amounted to $4,300 REQUIRED: Prepare a Cash Flow Statement for 2020 in proper form for Jake Corporation [18]