A comparative balance sheet for Grouper Corporation is presented as follows. December 31 Assets 2020 2019 Cash $72,780 $22,000 Accounts receivable 83,570 67,790 Inventory 181,570 190,790 Land 72,570 111,790 Equipment 261,570 201,790 Accumulated Depreciation-Equipment (70,570) (43,790 ) Total $601,490 $550,370 Liabilities and Stockholders' Equity Accounts payable $35,570 $48,790 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 201,920 137,580 Total $601,490 $550,370 Additional information: 1. 2. 3. Net income for 2020 was $128.140. No gains or losses were recorded in 2020. Cash dividends of $63,800 were declared and paid. Bonds payable amounting to $50,000 were retired through issuance of common stock. (a) Your answer is correct. Prepare a statement of cash flows for 2020 for Grouper Corporation. (Show amounts that decrease cash flow with either a-sign es -15,000 or in parenthesis eg. (15,000).) GROUPER 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 Net Cash Provided by Operating Activities Decrease in Inventory 9220 Depreciation expense 26780 Increase in Accounts Receivable -15780 Decrease in Accounts Payable 13220 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Net Increase in Cash Cash at Beginning of Year Cash at End of Year Noncash Investing and Financing Activities 39220 -59780 Issued common stock to retire $ 50000 of bonds outstanding 128140 7000 135140 20560 -63800 50780 22000 72780 (b) Payment of Cash Dividends Net Increase in Cash Cash at Beginning of Year Cash at End of Year Noncash Investing and Financing Activities Issued common stock to retire $ 50000 of bonds outstanding eTextbook and Media * Your answer is incorrect. -63800 50780 22000 72780 Attempts: unlimited Determine Grouper Corporation's current cash debt coverage, cash debt coverage, and free cash flow. (Round current cash debt coverage and cash debt coverage to 2 decimal places, e.g. 0.67.) Current cash debt coverage Cash debt coverage Free cash flow 7.35 :1 7.35 :1 71340 Comment on its liquidity and financial flexibility. Grouper has liquidity, Its financial flexibility is