A comparative statement of financial position for Martinez Industries Inc. follows: MARTINEZ INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $22,500 $35,500 Accounts receivable 115,000 54,100 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300) (44.000) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Inventory 239,000 208,000 Land 73,000 114,000 Equipment 269,000 201,000 Accumulated depreciation-equipment (70,300) (44,000) Total $648,200 $568,600 Liabilities and Shareholders' Equity Accounts payable $53,800 $60,500 Bonds payable 155,300 203,300 Common shares 229,000 181,000 Retained earnings 210,100 123,800 Total $648,200 $568,600 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $138,000. 1. Net income for the fiscal year ending December 31, 2020, was $138.000 2 Cash dividends of $51,700 were declared and paid. Dividends paid are treated as financing activities 3. Bonds payable amounting to $48,000 were retired through issuance of common shares 4. Land was sold at a gain of $6.000 5. No equipment was sold during the year. (a) Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the numbers, 45 or parentheses es. (451 MARTINEZ INDUSTRIES INC Statement of Cash Flows -/ 30 IT . $ During the year, Martinez retired $ in bonds payable by issuing common shares Save for Later Attempts: 0 of 5 used Submit