Condensed financial data of Oakley Company appear below. Oakley Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Investments Equipment Accumulated depreciation-equipment Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 2020 2019 $84,200 $47,000 91,200 56,800 124,600 102,200 83,200 85,000 256,000 204,000 (50,000) (40,000) $589,200 $455,000 $58,400 $48,700 12,300 18,600 101,000 71,000 249,000 201,000 168,500 115,700 $589,200 $455,000 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue Gain on disposal of plant assets $293,400 8,000 301,400 Less: Cost of goods sold $99,600 Operating expenses (excluding depreciation expense) 13,400 Depreciation expense 49,200 Income tax expense 7,200 Interest expense 2,800 172,200 Net income $129,200 Additional information: 1234 Equipment costing $94,000 was purchased for cash during the year. Investments were sold at cost. Equipment costing $42,000 was sold for $10,800, resulting in gain of $8,000. A cash dividend of $76,400 was declared and paid during the year. Balance Sheet Accounts Debits Totals Credits OAKLEY COMPANY Worksheet-Statement of Cash Flows December 31, 2020 Balance 12/31/19 Reconciling Items Debit OAKLEY COMPANY Worksheet-Statement of Cash Flows December 31, 2020 Balance 12/31/19 Reconciling Items Balance Debit Credit 12/31/20 Statement of Cash Flow Effects 4