Condensed financial data ofSheffieldCompany for 2020 and 2019 are presented below.

SHEFFIELDCOMPANY

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31, 2020 AND 2019

2020

2019

Cash$1,780

$1,130

Receivables1,740

1,290

Inventory1,610

1,870

Plant assets1,930

1,710

Accumulated depreciation(1,210

)(1,150

)Long-term investments (held-to-maturity)1,290

1,440

$7,140

$6,290

Accounts payable$1,180

$900

Accrued liabilities190

240

Bonds payable1,410

1,590

Common stock1,920

1,690

Retained earnings2,440

1,870

$7,140

$6,290

SHEFFIELDCOMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue$6,880

Cost of goods sold4,650

Gross margin2,230

Selling and administrative expenses940

Income from operations1,290

Other revenues and gainsGain on sale of investments80

Income before tax1,370

Income tax expense540

Net income830Cash dividends

260

Income retained in business

$570

Additional information:

During the year, $70of common stock was issued in exchange for plant assets. No plant assets were sold in 2020.

Prepare statement of cash flows using the indirect method.