Bomework ICE Drilling Inc.'s balance sheet Information and Income statement are as follows: ICE Drilling Inc. Income Statement For Year Ended December 31, 2820 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense Other expenses Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes Profit ICE Drilling Inc. $1,112,000 562,000 $550,000 $ 44,000 306,160 Comparative Balance Sheet Information 350,160 $199,840 11,880 $ 187,960 27,560 $ 160,400 2820 December 31 2019 Cash $122,600 $ 173,640 Accounts receivable. 147,600 113,160 Herchandise inventory 615,200 567,600 Prepaid expenses 12,060 16,000 Equipment 357,680 248,400 Accumulated depreciation 79,560 100,560 Accounts payable 195,820 257,648 Current notes payable 24,400 16,000 Notes payable 210,000 120,see Connon shares 452,800 352,000 Retained earnings 292,648 271,000 1 Additional Information regarding ICE Drilling's activities during 2020 1. Loss on sale of equipment is $11.880. 2. Paid $70,680 to reduce a long-term note payable. 3. Equipment costing $107,000, with accumulated depreciation of $65,000, is sold for cash. 4. Equipment costing $216.280 is purchased by paying cash of $56,400 and signing a long-term note payable for the balance 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10.080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $139.560. Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the Prev 8 of 10 Next >