COICI Question 1 of 6 conuenseu mancaruata orchengi. TUTUW. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $100,300 $48,000 Accounts receivable 91,600 33,000 Inventory 111,600 102,700 Prepaid expenses 29,400 25,800 Investments 140,500 114.800 Equipment 269,100 241.400 Accumulated depreciation equipment (47.300) (52.900) Total $695.200 $512,800 Liabilities and Stockholders' Equity Accounts payable $111,400 $67,400 Accrued expenses payable 16.400 17.400 Bonds payable 115.500 150.000 Common stock 219,800 175.600 Retained earnings 232.100 102,400 Total $695,200 $512.800 CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue $391.900 Less: Cost of goods sold $134.800 Operating expenses, excluding depreciation 11.300 Depreciation expense 37.800 Income tax expense 26,200 Interest expense 4.800 Loss on disposal of plant assets 7.000 221.900 Netincome $170.000 Question 1 of 6 Interest expense 4.800 Loss on disposal of plant assets 7.000 221.900 Net income $170,000 Additional information: 1. New equipment costing $79.300 was purchased for cash during the year. 2. Old equipment having an original cost of $51.600 was sold for $1.200 cash 3 Bonds matured and were paid off at face value for cash 4. A cash dividend of $40,300 was declared and paid during the year, Further analysis reveals that accounts payable pertain to merchandise creditors Prepare a statement of cash flows for Cheng Inc using the direct method (Show amounts thal - 15,000 or in parenthesiseg. (15,000) CHENG INC. ype here to search DELL