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Condensed financial data of Pronghorn Company for 2020 and 2019 are presented below. PRONGHORN COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
Condensed financial data of Pronghorn Company for 2020 and 2019 are presented below. PRONGHORN COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,760 Receivables 1.780 Inventory 1,610 Plant assets 1,880 Accumulated depreciation (1,220) Long-term investments (held-to-maturity) 1,310 $7,120 2019 $1,180 1,280 1,920 1,660 (1,190) 1,400 $6,250 $1,170 $880 240 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 190 1,390 1,910 2,460 $7,120 1,540 1,730 1,860 $6.250 PRONGHORN COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,020 Cost of goods sold 4,780 Gross margin 2,240 Selling and administrative expenses 910 Income from operations 1,330 Other revenues and gains Gain on sale of investments 70 Income before tax 1,400 Income tax expense 540 Net income 860 Cash dividends 260 Income retained in business $600 Additional information: During the year, $80 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000).) PRONGHORN COMPANY Statement of Cash Flows (Direct Method) $ $ > $ $
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