Coronado Ski Haus had the following statements prepared as of December 31, 2020. CORONADO SKI HAUS COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $2,600 $4,000 Accounts receivable 104,000 99,000 Short-term debt investments (available-for-sale) 98,000 121,000 Inventories 90,000 48,000 Prepaid insurance 3,900 6,300 Ski equipment 91,000 42,000 Accumulated depreciation-equipment (23,500) (18,000) Trademarks 78,000 84,000 Total assets $444,000 $386,300 Accounts payable $94,700 $75,000 Income taxes payable 22,200 15,000 Wages payable 4,000 9,100 Short-term loans payable 23,700 O Long-term loans payable 76,500 123,000 Common stock, $1 par 100,000 100,000 Additional paid-in capital 20,000 20,000 Retained earnings 102,900 44,200 Total liabilities & stockholders' equity $444,000 $386,300 CORONADO SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales $545,400 Cost of goods sold 308,000 Gross profit 237,400 Operating expenses 95,000 Operating income 142,400 Interest expense $20,200 Loss on sale of equipment 3,900 24,100 Income before tax 118,300 Income tax expense 40,600 Net income $77,700 Additional information: 1. Dividends in the amount of $19,000 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. Equipment that had a cost of $24,800 and was 20% depreciated was sold during 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).) CORONADO SKI HAUS Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ 77,700 Adjustments to reconcile net income to Cash Flows from Operating Activities Depreciation Expense > $ Loss on Sale of Equipment 6000 Increase in Accounts Receivable -5000 Increase in Accounts Receivable 23,700 Proceeds on Long-Term Loan v -46500 Dividend Payments > -19,000 Net Cash Used by Financing Activities -41800 Net Increase in Cash Cash at Beginning of Period $