4 of 23 View Policies Current Attempt in Progress Condensed financial data of Bridgeport Company for 2020 and 2019 are presented below. BRIDGEPORT COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash Receivables Inventory $1,770 $1,160 1,740 1,280 1,620 1,880 Plant assets 1,930 1,670 Accumulated depreciation (1,250) (1,190 ) Long-term investments (held-to-maturity) 1,290 1,420 $7,100 $6,220 Accounts payable $1,220 $920 Accrued liabilities. 190 240 Bonds payable 1,370 1,570 Common stock 1,930 1,730 MacBook Pro -/25 1 Common stock Retained earnings BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 1,930 1,730 2,390 1,760 $7.100 $6,220 Sales revenue $6,860 Cost of goods sold 4,600) Gross margin 2,260 Selling and administrative expenses 930 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 520 Net income 890 Cash dividends 260 Net income 890 Cash dividends 260 Income retained in business $630 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) BRIDGEPORT COMPANY Statement of Cash Flows (Direct Method) $ BRIDGEPORT COMPANY Statement of Cash Flows (Direct Method)