Comparative statements of financial position for ABC Ltd. are shown below (ABC follows ASPE) ABC LTD. Statements of Financial Position December 31 2020 2019 Cash $ 44,800 $ 52,300 Accounts receivable (net) 48,000 20,000 Inventory 34,000 40,000 Long-term investments 0 15,000 Property, plant & equipment 230,000 150,000 Accumulated depreciation (30,000) (25,000) Total Assets $ 326,800 $ 252.300 L. Accounts payable Accrued current liabilities. Long term notes payable Common shares Retained earnings Total Liabilities & Shareholders' Equity $ 18,100 $ 6,300 14,000 12,000 115,000 55,000 90,000 90,000 89,700 89,000 $ 326,800 $ 252.300 Additional information for 2020 1. Long-term investments were sold in the year, resulting in a gain of $20,000 2. Net income was $79,300. 3. Paid cash dividends. 4 Did not sell any property, plant and equipment during the year ABC LTD Statement of Cash Flows Year ended December 31, 2020 Operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities, I Cash provided by (used in) operating activities Investing activities Cash provided by (used in) investing activities Financing activities Financing activities Cash provided by (used in) financing activities Net increase (decrease) in cash Cash, January 1 II II Cash, December 31