Culver Inc., a greeting card company, had the following statements prepared as of December 31, 2020. CULVER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,100 62,000 51,000 Accounts receivable Short-term debt investments (available-for-sale) Inventory 35,000 18,100 40,400 59.900 Prepaid rent 5,000 4,000 153,300 129,100 Equipment Accumulated depreciation-equipment (35,000) (24,800) Copyrights 46,300 50,300 Copyrights 46,300 50,300 Total assets $312,900 $294,700 Accounts payable $46,500 $40,200 Income taxes payable 4,100 6,100 8,100 4,100 Salaries and wages payable Short-term loans payable 8,000 10,100 60,600 69,600 Long-term loans payable Common stock, $10 par Contributed capital, common stock 100,000 100,000 30,000 30,000 55,600 34,600 Retained earnings $312,900 $294,700 Total liabilities & stockholders' equity CULVER INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338,150 Cost of goods sold 175,700 Gross profit 162,450 Operating expenses 119,400 Operating income 43,050 Interest expense $11,300 Gain on sale of equipment 2,000 9,300 Income before tax 33,750 Income tax expense 6,750 Net income $27,000 Additional information 1 2. Dividends in the amount of $6,000 were declared and paid during 2020, Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2020 3 Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either. a- signes -15,000 or in parenthesises (15,000).) CULVER INC. Statement of Cash Flows CULVER INC. Statement of Cash Flows Adjustments to reconcile net income to $