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Condensed financial data of Blossom Company for 2020 and 2019 are presented below. BLOSSOM COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019

Condensed financial data of Blossom Company for 2020 and 2019 are presented below.

BLOSSOM COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019

2020

2019

Cash

$1,830

$1,130

Receivables

1,770

1,290

Inventory

1,620

1,920

Plant assets

1,940

1,680

Accumulated depreciation

(1,190

)

(1,170

)

Long-term investments (held-to-maturity)

1,300

1,410

$7,270

$6,260

Accounts payable

$1,220

$910

Accrued liabilities

210

260

Bonds payable

1,420

1,530

Common stock

1,890

1,710

Retained earnings

2,530

1,850

$7,270

$6,260

BLOSSOM COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue

$7,100

Cost of goods sold

4,760

Gross margin

2,340

Selling and administrative expenses

930

Income from operations

1,410

Other revenues and gains

Gain on sale of investments

80

Income before tax

1,490

Income tax expense

550

Net income

940

Cash dividends

260

Income retained in business

$680

Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows 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).)

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