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Condensed financial data of Shamrock Company for 2020 and 2019 are presented below. SHAMROCK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019

Condensed financial data of Shamrock Company for 2020 and 2019 are presented below.

SHAMROCK COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019

2020

2019

Cash

$1,800

$1,130

Receivables

1,750

1,320

Inventory

1,630

1,890

Plant assets

1,910

1,720

Accumulated depreciation

(1,190

)

(1,170

)

Long-term investments (held-to-maturity)

1,280

1,410

$7,180

$6,300

Accounts payable

$1,230

$910

Accrued liabilities

190

240

Bonds payable

1,400

1,540

Common stock

1,930

1,680

Retained earnings

2,430

1,930

$7,180

$6,300

SHAMROCK COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue

$6,890

Cost of goods sold

4,730

Gross margin

2,160

Selling and administrative expenses

940

Income from operations

1,220

Other revenues and gains

Gain on sale of investments

90

Income before tax

1,310

Income tax expense

550

Net income

760

Cash dividends

260

Income retained in business

$500

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 e.g. -15,000 or in parenthesis e.g. (15,000).)

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