Analysts following the Wildhorse Golf Company were given the following balance sheet information for the years ended June 30, 2020, and June 30, 2019: Assets 2020 2019 Cash and marketable securities $33,521 $16,676 Accounts receivable 260,315 318,933 Inventory 423,984 352,850 Other current assets 41,416 30,022 Total current assets $759,236 $718,481 Plant and equipment 1,931,939 1,610,008 Less: Accumulated depreciation (419,209) (206,788) Net plant and equipment $1,512,730 $1,403,220 Goodwill and other assets 382,255 412,730 Total assets $2,654,221 $2,534,431 Liabilities and Equity 2020 2019 Accounts payable and accruals $378,401 $332,114 Notes payable 14,652 7,972 Accrued income taxes 21,290 16,925 Total current liabilities $414,343 $357,011 Long-term debt 680,091 793,680 Total liabilities $1,094,434 $1,150,691 Preferred stock Common stock (10,000 shares) 10,000 10,000 Additional paid-in capital 975,575 975,575 Retained earnings 587,656 398,165 Less: Treasury stock (13,444) Total common equity $1,559,787 $1,383,740 Total liabilities and equity $2,654,221 $2,534,431 In addition, it was reported that the company had a net income of $3,155,958 and that depreciation expenses were equal to $212,421 during 2020. Assume amortization expense was $0 in 2020.

Wildhorse Golf Company Statement of Cash Flows Vesr ended June 30, 2020 Cach Fows from Operating Activities Net Income Additions (sources of cash) Depreciation Decrease in Accounts Rscsivable Increase in Accounts Payable Increase in Acerued lncome Taxes Subtractiona (uses of cash) Increase in lnventories Increase in Other Current Assets Net Cahh provided by Operating Activities Cah Fows from Investing Activitie: Increase in Plant and Equipment Decrease in Goodwill and Other Lssets Net Cash used in Investing Activities Cah Flows from Finanoing Activities Increase in Notes Payable Decrease in Long-term Debt Purchase of Treasury Stock Payment of Cach Dividenda Net Cashused in Financing Activities 5 3155958 212421 5 5 5 5 5 5 Net Increase in Cash and Marketable Securities Cach and Marketable Secunities at Beginning of Year Cach and Markatable Secunities at End of Year 5