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

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

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

2020

2019

Cash

$1,830

$1,180

Receivables

1,710

1,320

Inventory

1,590

1,920

Plant assets

1,890

1,710

Accumulated depreciation

(1,220

)

(1,190

)

Long-term investments (held-to-maturity)

1,320

1,440

$7,120

$6,380

Accounts payable

$1,190

$890

Accrued liabilities

210

260

Bonds payable

1,400

1,580

Common stock

1,940

1,660

Retained earnings

2,380

1,990

$7,120

$6,380

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

Sales revenue

$6,720

Cost of goods sold

4,680

Gross margin

2,040

Selling and administrative expenses

920

Income from operations

1,120

Other revenues and gains

Gain on sale of investments

80

Income before tax

1,200

Income tax expense

550

Net income

650

Cash dividends

260

Income retained in business

$390

Additional information: During the year, $70 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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