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Condensed financial data of Kingbird Company for 2020 and 2019 are nresented below. Accrued liabilities Bonds payable Common stock Retained earnings begin{tabular}{c} $7,1802,430$6,3001,930 hline
Condensed financial data of Kingbird Company for 2020 and 2019 are nresented below. Accrued liabilities Bonds payable Common stock Retained earnings \begin{tabular}{c} $7,1802,430$6,3001,930 \\ \hline \end{tabular} KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Salesrevenue$6,890 Cost of goods sold Gross margin 2,1604,730 \begin{tabular}{lr} Selling and administrative expenses & 940 \\ \cline { 2 - 2 } Income from operations & 1,220 \end{tabular} Additional information: During the year, $60 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 eg. - 15,000 or in parenthesise. (15,000). KINGBIRD COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense $ Gain on Sale of Investments Increase in Accounts Receivable Decrease in Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Investments Sale of Plant Assets Net Cash Provided by Investing Activities Redemption of Bonds Payable Redemption of Common stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities
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