ACCT 1000/2210 Module 12 - Statement of Cash Flows Student 1 Name: Student 1 Student Number: Student 2 Name: Student 2 Student Number: Monsters Inc. has the following balance sheet and income statement information as at December 31, 2020, and for the year then ended: Account Balances - December 31 2020 2019 Cash $25,300 $19,000 Accounts receivable, net 21,000 31,000 Inventory 38,000 28,200 Building and equipment 77,000 57,000 Accumulated depreciation -30,000 -35,000 Accounts payable 16,000 Salaries payable 9,100 9,000 L-T Debt Payable 16,000 0 Common shares 9,000 4,000 Retained earnings 81,200 80,700 6,500 Monsters Inc. Income Statement For the Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Loss on sale of equipment Depreciation expenses Salaries expenses Other Operating Expenses Operating income Income taxes Net income $121,000 45,000 76,000 2,000 8,000 41,000 16,000 9,000 6,000 $3,000 Additional information: . Equipment was purchased for $40,000 cash. Equipment with an original cost of $20,000 and accumulated amortization of $13,000 was sold. The company declared and paid dividends during the year. Required: Based on the information above, complete the statement of cash flows using both direct and the indirect method for the year ended December 31, 2020