Condensed financial data of Oakley Company appear below. Oakley Company Comparative Balance Sheets December 31 Assets 2020 Cash $82,700 Accounts receivable 90,800 Inventory 126,900 Investments 84,500 Equipment 255,000 Accumulated depreciation-equipment (49,500) $590,400 2019 $47,250 57,000 102,650 87,000 205,000 (40,000) $458,900 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings $57,700 12,100 100,000 250,000 170,600 $590,400 $48,280 18,830 70,000 200,000 121,790 $458,900 Oakley Company Income Statement For the Year Ended December 31, 2020 Sales revenue Gain on disposal of plant assets $297,500 8,750 306,250 Less: Cost of goods sold Operating expenses (excluding depreciation expense) Depreciation expense Income tax expense Interest expense Net income $99,460 14,670 49,700 7,270 2,940 174,040 $132,210 Additional information: 1. Equipment costing $97,000 was purchased for cash during the year. 2. Investments were sold at cost. 3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750. 4. A cash dividend of $83,400 was declared and paid during the year. Prepare a worksheet for the statement of cash flows using the indirect method. Enter the reconciling items directly in the worksheet columns. (Show details of retained earnings and accumulated depreciation, do not net) OAKLEY COMPANY Worksheet-Statement of Cash Flows Reconciling Items Balance 12/31/19 Balance 12/31/20 Debit Credit Balance Sheet Accounts Debits Totals Credits Totals Statement of Cash Flow Effects Totals Totals Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Accrued Expenses Payable Decrease in Inventory Depreciation Expense Gain on Disposal of Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Increase in Accrued Expenses Payable Increase in Inventory Issuance of Bonds Issuance of Common Stock Loss on Disposal of Plant Assets Net Income Payment of Dividends Purchase of Equipment Purchase of Investments Purchase of Plant Assets Sale of Investments Sale of Plant Assets List of Accounts