Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 84,480 68,750 182,480 191,750 73,480 112,750 262,480 202,750 (71,480) (44,750) $604,170 $553,250 $36,480 150,000 214,000 203,690 $604,170 $ 49,750 200,000 164,000 139,500 $553,250 Additional information: 1. Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and paid. 2. ORIOLE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Used by Operating Activities Depreciation expense Sale of Land Decrease in Accounts Receivable v Decrease in Accounts Receivable Net Cash Provided by Operating Activities Net Cash Provided by Investing Activities Purchase of Equipment Purchase of Equipment Sale of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Noncash Investing and Financing Activities Net Decrease in Cash Cash at Beginning of Year $ Cash at End of Year Issued common stock to retire $ of bonds outstanding = . Net income for 2020 was $129,960. No gains or losses were recorded in 2020. Cash dividends of $65,770 were declared and paid. Bonds payable amounting to $50,000 were retired through issuance of common stock. (a) Your answer is partially correct. Prepare a statement of cash flows for 2020 for Oriole Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) ORIOLE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adiustmonte to reconcile not income to Purchase of Equipment Sale of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends Noncash Investing and Financing Activities Net Decrease in Cash Cash at Beginning of Year $ Cash at End of Year Issued common stock to retire $ of bonds outstanding