A comparative balance sheet for Headland Corporation is presented as follows.

December 31

Assets

2020

2019

Cash $ 72,860 $ 22,000

Accounts receivable 84,840 68,980

Inventory 182,840 191,980

Land 73,840 112,980

Equipment 262,840 202,980

Accumulated Depreciation-Equipment (71,840 ) (44,980 )

Total $605,380 $553,940

Liabilities and Stockholders' Equity

Accounts payable $ 36,840 $ 49,980

Bonds payable 150,000 200,000

Common stock ($1 par) 214,000 164,000

Retained earnings 204,540 139,960

Total $605,380 $553,940

Additional information:

1. Net income for 2020 was $130,680. No gains or losses were recorded in 2020.

2. Cash dividends of $66,100 were declared and paid.

3. Bonds payable amounting to $50,000 were retired through issuance of common stock.

Collapse question part

(a)

a statement of cash flows for 2020 for Headland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

HEADLAND CORPORATION

Statement of Cash Flows

$

Adjustments to reconcile net income to

$

$

Issued common stock to retire $

of bonds outstanding