Condensed financial data of Concord Company for 2020 and 2019 are presented below. CONCORD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 ort 2020 2019 Cash $1,810 $1,120 Receivables 1,790 1,330 Inventory 1,570 1,940 Plant assets 1,870 1.740 Accumulated depreciation (1,230) (1,150) Long-term investments (held-to-maturity) 1,300 $7,110 1,440 $6,420 Accounts payable $910 Accrued liabilities $1,220 200 1,370 1,860 2,460 260 1.550 Bonds payable Common stock 1.740 1.960 Retained earnings Common stock Retained earnings 1,860 2,460 $7,110 1,740 1,960 $6,420 CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,810 Cost of goods sold 4,680 Gross margin 2,130 Selling and administrative expenses 920 Income from operations 1,210 Other revenues and gains Gain on sale of investments 80 Income before tax 1,290 Income tax expense 530 Net income 760 Cash dividends 260 Income retained in business $500 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 direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a-signes -15,000 or in parenthesis eg. (15,000).) CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) . Cash Flows from Operating Activities Cash Receipts from Customers Cash Paid for Merchandise Cash Pald for Selling/Administrative Expenses Cash Paid for Income Taxes Net Cash Provided by Operating Activities Calicomimetics Cash Flows from Investing Activities : Sale of Investments Purchase of Plant Assets Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Capital Stock Redemption of Bonds Payable Payment of Cash Dividends Net Cash Used by Financing Activities : Net Increase in Cash Cash at Beginning of Period Cash at End of Period Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities : Issuance of Common Stock for Plant Assets