CONCORDCOMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $9,930 $4,010 Accounts receivable 20,450 12,910 Short-term investments 22,070 30,030 Inventory 42,300 35,310 Prepaid rent 3,020 12,090 Prepaid insurance 2,090 90 Supplies 1,010 75 Land 124,270 175,470 Buildings 353,500 353,500 Accumulated depreciation--buildings (105,150 ) (87,890) Equipment 526,140 396,090 Accumulated depreciation--equipment (129,450 ) (111,310) Patents 45,390 49,550 Total assets $915,570 $869,925 A Accounts payable Income taxes payable Salaries and wages payable Short-term notes payable Long-term notes payable Bonds payable Premium on bonds payable Common stock Paid-in capital in excess of par--common stock Retained earnings Total liabilities and stockholders' eau $21,800 5,020 4,950 10,060 60,060 397,380 30,200 239, 140 24,850 122,110 $915.570 $32,080 3,970 3,000 10,060 69,370 397,380 32,145 221,530 17,400 82,990 $869.925 CONCORD COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold $1,157,060 748,200 408,860 $78,550 156,290 39,560 274,400 134,460 Gross margin Operating expenses Selling expenses Administrative expenses Depreciation/Amortization expense Total operating expenses Income from operations Other revenues/expenses Gain on sale of land Gain on sale of short-term investment Dividend revenue Interest expense Income before taxes Income tax expense Net income Dividends to common stockholders To retained earnings 7,950 3,980 2,380 (51,810) (37,500) 96,960 39,460 57,500 (18,380) $39,120 Prepare a statement of cash flows for Concord Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, classified as available-for-sale. (Show amounts in the investing and financing sections that decrease cash flow with either a sign .g.-15,000 or in parenthesis e.g. (15,000).) CONCORD COMPANY Statement of Cash Flows (Direct Method) Cash receipts: Cash payments: V Reconciliation Schedule Reconciliation of Net Income to Adjustments to reconcile net income to V V V Click if you would like to Show Work for this question: Open Show Work