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PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,760 Receivables 1,750 Inventory 1,620 Plant assets 1,930 Accumulated depreciation (1,280) Long-term investments (held-to-maturity) 1,290 $7,070 2019 $1,180 1,290 1,890 1,690 (1,160) 1,440 $6,330 $920 260 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,180 200 1,370 1,930 2,390 $7,070 1,550 1,670 1,930 $6,330 PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense $6,800 4,700 2,100 910 1,190 80 1,270 550 $6,800 4,700 2,100 910 PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 1,190 80 1,270 550 720 260 $460 Additional information: uuring the year, 570 or common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. PHAROAH COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to Click if you would like to Show Work for this questioni Open Show Work