A comparative balance sheet for Flounder Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,690 $ 22,000 83,430 67,740 181,430 190,740 72,430 111,740 261,430 201,740 (70,430) (43,740) $600,980 $550,220 $35,430 150,000 214,000 201,550 $600,980 $ 48,740 200,000 164,000 137,480 $550,220 Additional information: 1. 2. Net income for 2020 was $127,860. No gains or losses were recorded in 2020. Cash dividends of $63,790 were declared and paid. Pondo nulo o rotira 2 imtina totoo throuhiceancofcommonctacle 1. 2. Net income for 2020 was $127,860. No gains or losses were recorded in 2020. Cash dividends of $63,790 were declared and paid. Bonds payable amounting to $50,000 were retired through issuance of common stock. 3. (a) Prepare a statement of cash flows for 2020 for Flounder Corporation. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) FLOUNDER CORPORATION Statement Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Cash Flows from Operating Activities Net Income $ FLOUNDER CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Cash Flows from Operating Activities $ Issued common stock to retire $ of bonds outstanding