Condensed financial data of Ivanhoe Corp. for 2020 and 2019 are presented below. IVANHOE CORP. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $780 $600 Investments 0 210 Receivables 2,200 2,090 Inventory 1,580 1,170 Plant assets 1,530 1,200 Accumulated depreciation (600) (470) $5,490 $4,800 Accounts payable $770 $1,200 Accrued liabilities 350 530 Bonds payable 830 1,040 Capital stock 1,450 1,350 Retained earnings 2,090 680 $5,490 $4,800 IVANHOE CORP. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $15,540 Cost of goods sold 10,800 Gross margin 4,740 Selling and administrative expenses 1,240 Income from operations 3,500 Other revenues and gains Loss on sale of investments 50 Income before tax 3,450 Income tax expense 1,460 Net income 1,990 Cash dividends 580 Income retained in business $1,410 Additional information: During the year, $100 of common stock was issued in exchange for land. 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE CORP. Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Operating Activities Cash Collections from Customers $ Cash Paid for Merchandise Cash Paid for Selling/Administrative Expenses Cash Paid for Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Investments Purchase of Plant Assets Net Cash Provided by Investing Activities Cash Flows from Financing Activities Retirement of Bonds Payable Net Cash Provided by Investing Activities Cash at Beginning of Period Cash at Beginning of Period Cash at End of Period $ Noncash Investing and Financing Activities $ e Textbook and Media Save for Later Last saved 9 seconds ago. Attempts: 0 of 2 used Submit