Cullumber Company had the following information available at the end of 2020 CULLUMBER COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $20,100 $11,900 Short term investments 31,800 39,800 Accounts receivable 59,900 50,700 Inventory 95,900 89,900 Prepaid expenses 15,700 26,100 Land 199,100 259,500 Buildings 649,800 649,800 Accumulated depreciationbuildings (75,200) (56,500) Equipment 342,800 151,400 Accumulated depreciationequipment (41,300) 0 Patents 68,200 72,100 Total assets $1,366,800 $1,294,700 Accounts payable $81,500 $87,400 Income taxes payable 26,700 20,800 Salaries and wages payable 0 8,000 Notes payable, short term 25,000 25,000 Long term notes payable 50,200 75,100 Bonds payable 602,600 602,600 Discount on bonds payable (46,000) (49,100) Common stock 110,600 99,600 Paid in capital in excess of parcommon stock 250,000 223,600 Retained earnings 266,200 201,700 Total liabilities and stockholders equity $1,366,800 $1,294,700 CULLUMBER COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $1,557,000 Cost of goods sold 973,000 Gross margin 584,000 Operating expenses Selling expenses $160,700 Administrative expenses 116,600 Depreciation Amortization expense 63,900 Total operating expenses 341,200 Income from operations 242,800 Other revenues expenses Gain on sale of land 20,800 Loss on sale of short term investment (7,500) Dividend revenue 4,100 Interest expense (95,000) (77,600) Income before taxes 165,200 Income tax expense 62,100 Net income 103,100 Dividends to common stockholders (38,600) To retained earnings $64,500 Prepare a statement of cash flows for Cullumber Company using the direct method accompanied by a reconciliation schedule Assume the short term investments are classified as available for sale (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) )

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Cullumber Company had the following information available at the end of 2020. CULLUMBER COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019 2020

Cullumber Company had the following information available at the end of 2020.

CULLUMBER COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2019
	2020	2019
Cash	$20,100	$11,900
Short-term investments	31,800	39,800
Accounts receivable	59,900	50,700
Inventory	95,900	89,900
Prepaid expenses	15,700	26,100
Land	199,100	259,500
Buildings	649,800	649,800
Accumulated depreciationbuildings	(75,200)	(56,500)
Equipment	342,800	151,400
Accumulated depreciationequipment	(41,300)	0
Patents	68,200	72,100
Total assets	$1,366,800	$1,294,700

Accounts payable	$81,500	$87,400
Income taxes payable	26,700	20,800
Salaries and wages payable	0	8,000
Notes payable, short-term	25,000	25,000
Long-term notes payable	50,200	75,100
Bonds payable	602,600	602,600
Discount on bonds payable	(46,000)	(49,100)
Common stock	110,600	99,600
Paid-in capital in excess of parcommon stock	250,000	223,600
Retained earnings	266,200	201,700
Total liabilities and stockholders equity	$1,366,800	$1,294,700

CULLUMBER COMPANY INCOME STATEMENT AND DIVIDEND INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue		$1,557,000
Cost of goods sold		973,000
Gross margin		584,000
Operating expenses
Selling expenses	$160,700
Administrative expenses	116,600
Depreciation/Amortization expense	63,900
Total operating expenses		341,200
Income from operations		242,800
Other revenues/expenses
Gain on sale of land	20,800
Loss on sale of short-term investment	(7,500)
Dividend revenue	4,100
Interest expense	(95,000)	(77,600)
Income before taxes		165,200
Income tax expense		62,100
Net income		103,100
Dividends to common stockholders		(38,600)
To retained earnings		$64,500

Prepare a statement of cash flows for Cullumber Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are classified as available-for-sale. (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).)