BLUE COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31 Debit Balances 2020 2019 Cash $70,700 $50,900 Accounts Receivable 154,500 131,300 Inventory 75,000 61,600 Debt investments (available-for-sale) 55,200 84,600 Equipment 69,700 47,600 Buildings 144,200 144,200 Land 39,800 24,800 Totals $609,100 $545,000 Credit Balances Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Accounts Payable Income Taxes Payable Long-Term Notes Payable Common Stock Retained Earnings Totals $9,900 20,800 37,300 66,700 11,900 62,000 310,000 90,500 $8,000 13.800 28,100 59,700 9,900 70,000 260,000 95,500 $545,000 $609,100 Additional data: 1. 2. 3. Equipment that cost $9.900 and was 60% depreciated was sold in 2020. Cash dividends were declared and paid during the year. Common stock was issued in exchange for land. Investments that cost $34,600 were sold during the year. There were no write-offs of uncollectible accounts during the year. 4. 5. Blue's 2020 income statement is as follows. Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses (includes depreciation expense and bad debt expense) Income from operations Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes $951,100 603,200 347,900 249,700 98,200 $15,000 (3,100) 11.900 110,100 45,300 Income taxes Net income $64,800 (a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Net cash flow from operating activities $ Statement of Cash Flows Adjustments to reconcile net income to V