Analysts following the Pharoah Golf Company were given the following balance sheet information for the years ended June 30,2020 , and June 30, 2019: In addition, it was reported that the company had a net income of $3,156,018 and that depreciation expenses were equal to $212,451 during 2020. Assume amortization expense was $0 in 2020 . Pharoah Golf Company Statement of Cash Flows Year ended June 30, 2020 Cash Flows from Operating Activities Net Income $3156018 Additions (sources of cash) \begin{tabular}{|l|r|} \hline Depreciation & \\ \hline \end{tabular} \begin{tabular}{||l|r|} \hline \hline Increase in Accounts Receivable & \\ \hline \hline \end{tabular} Increase in Accounts Payable 46317 4395 Subtractions (uses of cash) Increase in Inventories (71164) Increase in Other Current Assets (11424) Net Cash provided by Operating Activities $\begin{tabular}{|l||} \hline 425746 \\ \hline \end{tabular} Cash Flows from Investing Activities Cash Flows from Investing Activities Increase in Plant and Equipment $ (321991) \begin{tabular}{||c||} \hline \hline Purchase of Treasury Stock \\ \hline \hline \end{tabular} \begin{tabular}{||l||} \hline \hline(13504) \\ \hline \hline \end{tabular} \begin{tabular}{||l||} \hline \hline Net Cash provided by Investing Activities \\ \hline \hline \end{tabular} $(335495) Cash Flows from Financing Activities Payment of Cash Dividends $ (2966497) Increase in Notes Payable 6710 \begin{tabular}{||l|r|} \hline \hline Increase in Long-term Debt & \\ \hline \hline \end{tabular} \begin{tabular}{||l||} \hline \hline Net Income \\ \hline \hline \end{tabular} $(3073406) \begin{tabular}{||l||} \hline \hline Net Decrease in Cash and Marketable Securities v \\ \hline \hline \end{tabular} Cash and Marketable Securities at Beginning of Year \begin{tabular}{rr} \hline 16736 \\ \hline \end{tabular}