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Question 16 Condensed financial data of Pharoah Company for 2020 and 2019 are presented below. PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019, 2020 2019 Cash $1,760 $1,180 Receivables 1,750 1,290 Inventory 1,620 1,890 Plant assets 1,930 1,690 Accumulated depreciation (1,280) (1,160) Long-term investments (held-to-maturity) 1,290 1,440 $7,070 $6,330 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,180 200 1,370 1,930 2,390 $7,070 $920 260 1,550 1,670 1,930 $6,330 y Study 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 1,270 550 720 Income tax expense Net income Cash dividends Income retained in business - $460 Additional information: During the year, $70 of 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 - signe PHAROAH COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work