2019 Velo Company Comparative Balance Sheets December 31 Assets 2020 Cash $72,500 Accounts receivable 85,600 Inventory 169,600 Land 73,600 Equipment 259,400 Accumulated depreciation-equipment (66,300) Total $594,400 Liabilities and Stockholders' Equity Accounts payable $35,500 Bonds payable 149.100 Common stock ($1 par) 214,400 Retained earnings 195.400 Total $594,400 $32,800 70,900 186,800 100,100 200,800 (34,100) $557,300 $46,600 203.700 175,800 131.200 $557,300 Additional information: 1. 2. 3. Net income for 2020 was $101,800. Cash dividends of $37,600 were declared and paid. Bonds payable amounting to $54,600 were redeemed for cash $54,600. Common stock was issued for $38,600 cash. No equipment was sold during 2020, but land was sold at cost. 4. 5. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that sign e.g. -15,000, or in parenthesis e.g. (15,000).) Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow w sign e.g. -15,000, or in parenthesis e.g. (15,000).) Velo Company Statement of Cash Flows For the Year Ended December 31, 2020 Adjustments to reconcile net income to