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2. The comparative balance sheet of Jones Furniture & Appliances for December 31,2020and 2019 is shown as follows: Assets dec 31, 2020 dec 31, 2019

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The comparative balance sheet of Jones Furniture & Appliances for December 31,2020and 2019 is shown as follows:

Assets dec 31, 2020 dec 31, 2019

Cash 95000 112000

Accounts receivable (net) 350000 320000

inventories 685000 600000

investments 0 100000

Land 375000 0

equipment 620000 575000

Accumulated depreciation- (275000) (200000)

Equipment

Total assets 1850000 1507000

Liabilities andStockholdersequity

Accounts payable 260000 210000

Accrued expenses payable 75000 82000

Dividends payable 25000 20000

Common stock, $10 par 500000 450000

Paid-in capital: excess of issue 140000 100000

Par-common stock

Retained earnings 850000 645000

Total liabilities &stockholdersequity 1850000 1507000

Additional data obtained from an examination of the accounts in the ledger for 20Y7 are as follows:

A. The investments were sold for $120,000 cash.

B. Equipment and land were acquired for cash.

C. There were no disposals of equipment during the year.

D. The common stock was issued for cash.

E. There was a $280,000 credit to Retained Earnings for net income.

F. There was a $75,000 debit to Retained Earnings for cash dividends declared.

Prepare Jones Furniture & Appliances' statement of cash flows, using the indirect method of presenting cash flows from operating activities

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