Access Condensed financial data of Kingbird Company for 2020 and 2019 are presented below. sions rences KINGBIRD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 borations 2020 2019 YPLUS Support Cash Receivables $1,830 1,720 1,610 $1,140 1.280 1,900 Inventory Plant assets 1,870 1,690 Accumulated depreciation (1.210) (1,190) Long-term investments (held-to-maturity) 1.270 $7,090 1,410 $6,230 Accounts payable $1.230 200 $910 250 Accrued liabilities Bonds payable 1.410 1,540 Common stock 1,880 1.710 Retained earnings 2,370 $7,090 1.820 $6.230 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold 4,680 Gross margin 2,200 Selling and administrative expenses 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in business $550 Additional information: During the year. $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020, During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) KINGBIRD COMPANY Statement of Cash Flows (Direct Method) eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Your grade has been recorded in the Gradebook Mon, Apr 13, 2020, 11:07:50 PM (America/New York-04:00) Next > Next Previous