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below. Retained earnings begin{tabular}{ccc} 2,430 & & 1,930 cline { 1 - 1 } & $6,300 hline hline end{tabular} FLINT COMPANY INCOME STATEMENT
below. Retained earnings \begin{tabular}{ccc} 2,430 & & 1,930 \\ \cline { 1 - 1 } & $6,300 \\ \hline \hline \end{tabular} FLINT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 \begin{tabular}{lr} Sales revenue & $6,890 \\ Cost of goods sold & 4,730 \\ \cline { 2 - 2 } Gross margin & 2,160 \\ Selling and administrative expenses & 940 \\ Income from operations & 1,220 \\ Other revenues and gains & \\ Gain on sale of investments & 90 \\ Income before tax & 1,310 \\ Income tax expense & 550 \\ Net income & 760 \\ Cash dividends & 260 \\ Income retained in business & $500 \\ \hline \end{tabular} Additional information: During the year, $60 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)
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