Accrued Payables Dividends Payable Income Taxes Payable Total Current Liabilities 160,000 80,000 27.000 656,000 240,000 80,000 42.000 627,000 Non-Current Liabilities Note Payable (Long-Term) Bonds Payable Total Non-Current Liabilities Total Liabilities 180,000 900,000 1,080,000 1,736,000 560,000 400.000 960,000 1,587,000 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Shareholders' Equity 1,600,000 357,200 1.957,200 $3.693.200 1,600,000 232,000 1.832.000 $3.419.000 Additional information: 1. Equipment was purchased for $400,000 cash in 2020. 2. Cash dividends of $40,000 were paid in 2020. 3. Land was sold for $220.000 cash in 2020 4. Changes in the note payable and bonds payable accounts were through cash transactions. 5. Any additional transactions were non-cash transactions and can be ignored for this question Required: Prepare a complete Statement of Cash Flows for 2020 using the indirect method for the operating section. Ignore supplementary disclosure. The Niakwa Industries prepared the following statement of earnings and comparative statement of financial position for 2020: NIAKWA INDUSTRIES Statement of Earnings For the Year Ended December 31, 2020 $1,900,000 980.000 920,000 Net sales Cost of sales Gross profit Operating expenses Depreciation expense property, plant and equipment 200,000 Amortization expense-- patents 27,000 Other operating expenses 197.000 Earnings from operating activities 496,000 Non-operating activities Interest expense Loss on sale of land Net earnings before income tax Income tax (30%) Net Earnings 160.000 100,000 236,000 20.800 $ 165,200 NIAKWA INDUSTRIES Comparative Statement of Financial Position December 31, 2020 2020 2019 Assets Current Assets Cash Accounts Receivable Investments Inventory Total Current Assets $ 405,200 180,000 460,000 2.336.000 3,381,200 $ 200,000 350,000 320,000 2.090.000 2,960,000 Non-Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Patents, net Total Non-Current Assets Total Assets 880,000 (760,000) 192,000 312,000 $3,693,200 800,000 (560,000) 219,000 459,000 $3.419.000 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Accrued Payables Dividends Payable Income Taxes Payable Total Current Liabilities $ 389,000 160,000 80,000 27.000 656,000 $ 265,000 240,000 80,000 42.000 627,000 Non-Current Liabilities Note Payable (Long-Term) Bonds Payable Total Non-Current Liabilities Total Liabilities 180.000 900.000 1,080,000 1,736,000 560,000 400.000 960,000 1,587,000