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

CULVERCOMPANY

COMPARATIVE BALANCE SHEETS

AS OF DECEMBER 31, 2020 AND 2019

2020 2019

Cash$ 10,000 $4,000

Accounts receivable 20,310 13,020

Short-term investments 22,130 30,220

Inventory 41,720 35,050

Prepaid rent 2,990 12,020

Prepaid insurance 2,110 90

Supplies 990 75

Land 124,580 173,520

Buildings 346,580 346,580

Accumulated depreciationbuildings (104,590) (87,450)

Equipment 526,340 396,350

Accumulated depreciationequipment (128,910) (111,140)

Patents 44,770 49,670

Total assets $909,020 $862,005

Accounts payable $21,870 $32,290

Income taxes payable4,950

3,990

Salaries and wages payable4,990

3,030

Short-term notes payable9,910

9,910

Long-term notes payable59,920

69,360

Bonds payable399,750

399,750

Premium on bonds payable20,740

24,205

Common stock238,870

219,610

Paid-in capital in excess of parcommon stock25,190

17,340

Retained earnings122,830

82,520

Total liabilities and stockholders' equity$909,020

$862,005

CULVER COMPANY

INCOME STATEMENT AND DIVIDEND INFORMATION

FOR THE YEAR ENDED DECEMBER 31, 2020

Sales revenue

$1,161,920

Cost of goods sold

742,480

419,440

Gross marginOperating expensesSelling expenses

$79,620

Administrative expenses

156,050

Depreciation/Amortization expense

39,810

Total operating expenses

275,480

Income from operations

143,960

Other revenues/expensesGain on sale of land

7,970

Gain on sale of short-term investment

4,030

Dividend revenue

2,410

Interest expense

(52,060

)

(37,650

)

Income before taxes

106,310

Income tax expense

39,590

Net income

66,720

Dividends to common stockholders

(26,410

)

To retained earnings

$40,310

statement of cash flows for Culver Company using the direct method accompanied by a reconciliation schedule. Assume the short-term investments are debt securities, 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).)