AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,840 $1,170 Receivables 1,730 1,310 Inventory 1,580 1,880 Plant assets 1,910 1,700 Accumulated depreciation (1,210 ) (1,170) Long-term investments (held-to-maturity) 1,310 1,420 $7,160 $6,310 Accounts payable $1,190 $900 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,880 1,720 Retained earnings 2,480 1,850 $7,160 $6,310 INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,000 Cost of goods sold 4,710 Gross margin 2,290 Selling and administrative expenses 940 Income from operations 1,350 Other revenues and gains Gain on sale of investments 80 Income before tax 1,430 Income tax expense 540 Net income 890 Cash dividends 260 Income retained in business $630 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-sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to GA > > > >