Bridgeport Inc., had the following condensed balance sheet at the end of operations for 2019. Cash BRIDGEPORT INC. BALANCE SHEET DECEMBER 31, 2019 $8,600 Current liabilities 29,000 Long-term notes payable 20,200 Bonds payable 67,100 Common stock 40,200 Retained earnings $165,100 $15,000 25,400 Current assets other than cash Equity invesments Plant assets (net) Land 25,000 75,000 24,700 $165,100 During 2020, the following occurred. 1. 2. 3. 4. 5. A tract of land was purchased for $9,000. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,100 in common stock was issued at par. Dividends totaling $9,500 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,500. Land was purchased through the issuance of $22,700 in bonds. Bridgeport Inc. sold part of its investment portfolio for $12,700. This transaction resulted in a gain of $1,900 for the company. No unrealized gains or losses were recorded on these investments in 2020. Both current assets (other than cash) and current liabilities remained at the same amount. 6. 7. 8. Prepare a statement of cash flows for 2020 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).) Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis eg. (15,000).) BRIDGEPORT INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ > $