Blue Inc., a greeting card company, had the following statements prepared as of December 31, 2020. BLUE INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $6,100 Accounts receivable Short-term debt investments (available-for-sale) 61,500 34,800 Inventory 39,800 Prepaid rent 5,000 Equipment 155.200 Accumulated depreciation-equipment (35.200 ) Copyrights 45,800 Total assets Accounts payable $45.800 Income taxes payable 4,100 Varies and wages payable 7,900 Shortsterm lane navabl 00 DEC 9 12/31/19 $7,100 51,000 17,900 59,900 4,000 129,900 (24,800 ) 49,800 $294,800 $39,800 6,000 3,900 9 000 Long-term loans pavable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity 60.100 100,000 30,000 57,100 $313,000 68,900 100,000 30,000 36,300 $294,800 BLUE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338.200 Cost of goods sold 174.500 Gross profit 163.700 Operating expenses 120,800 Operating income 42,900 Interest expense $11.400 Gain on sale of equipment 2.000 9,400 Income before tax 33.500 come tax expense 6.700 Net income $26.800 BLUE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338,200 Cost of goods sold 174,500 Gross profit 163,700 Operating expenses 120.800 Operating income 42.900 Interest expense $11,400 Gain on sale of equipment 2,000 9,400 Income before tax 33.500 Income tax expense 6,700 Net income $26,800 Additional information: 1. 2. Dividends in the amount of $6,000 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Eauinment that bad a cost of $20 200 and was 70% denreciated was sold during 2020 Additional information: 1. 2. 3. 4. Dividends in the amount of $6,000 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,200 and was 70% depreciated was sold during 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).) BLUE INC. Statement of Cash Flows Adjustments to reconcile net income to $ DEC 9 N