Condensed financial data of Blue Spruce Corp. follow. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $118,300 $47,700 Accounts receivable 91,000 33,900 Inventory 112,200 102,000 Prepaid expenses 29,700 26,000 Investments 139,800 113,800 Equipment 265,600 241,400 Accumulated depreciation-equipment (47,200) (52,400) Total $709,400 $512,400 Liabilities and Stockholders' Equity Accounts payable $111,800 $67,200 Accrued expenses payable 16,500 17.000 Bonds payable 111,800 149,800 Bonds payable 111,800 149,800 Common stock 219,700 174,200 Rtained earnings 249,600 104,200 Total $709,400 $512,400 Blue Spruce Corp. Income Statement For the Year Ended December 31, 2020 Sales revenue $393,000 Less: Cost of goods sold $134,900 Operating expenses, excluding depreciation 11,500 Depreciation expense 30,600 Income tax expense 26,400 Interest expense 4,800 Loss on disposal of plant assets 7,500 215,700 Net income $177,300 Additional information: 1 2. New equipment costing $80,200 was purchased for cash during the year. Old equipment having an original cost of $56,000 was sold for $12,700 cash. Bonds matured and were paid off at face value for cash. A cash dividend of $31.900 was declared and paid during the year. 3 4. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis es. (15,000)) Blue Spruce Corp. Statement of Cash Flows $ Adjustments to reconcile net income to Adjustments to reconcile net income to $ > > > Save for Later Attempts: 0 of 1 used Submit