A comparative statement of financial position for Bridgeport Industries Inc. follows: BRIDGEPORT INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $21,800 $34,800 Accounts receivable 118,000 54,300 Inventory 226,000 190,000 Land 72,000 113,000 Equipment 270,000 214,000 Accumulated depreciation-equipment (69,600) (43,400) Total $638,200 $562,700 Liabilities and Shareholders' Equity Accounts payable $53,500 $59,100 Bonds payable 158,700 203,700 Common shares 222,000 177,000 Retained earnings 204,000 122,900 Total $638,200 $562,700 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $139,000. 2. Cash dividends of $57,900 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $45,000 were retired through issuance of common shares. Land was sold at a gain of $6,000. 5. No equipment was sold during the year. 4. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number 0.g. -45 or parentheses e.g. (45).) BRIDGEPORT INDUSTRIES INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 139000 Net Income / (Loss) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense 27600 Gain on Disposal of Land (ooo) Increase in Accounts Receivable (63700) Increase in Inventory (36000) Decrease in Accounts Payable (5600) (83700) (b) Comment in general on the results reported in the statement of cash flows. LINK TO TEXT LINK TO TEXT