Current Assets: Cash Sandhill Enterprises Balance Sheet and Income Statement Data Accounts Receivable Inventory December 31, 2020 December 31, 2019 $149,940 $116,620 233,240 299,880 383,180 333,200 766,360 749,700 Total Current Assets Property, Plant, and Equipment 1,216,180 1,099,560 Less: Accumulated Depreciation (466,480) (433,160) 749,700 666,400 $1,516,060 $1,416,100 Total Assets Current Liabilities: Accounts Payable $183,260 $99,960 Notes Payable 49,980 66,640 Income Taxes Payable 83,300 74,970 Total Current Liabilities 316,540 241,570 Bonds Payable Total Liabilities 333,200 383,180 649,740 624,750 Stockholders' Equity: Common Stock 499,800 458,150 Retained Earnings 366,520 333,200 Total Stockholders' Equity 866,320 791,350 Total Liabilities & Stockholders' Equity 1,516,060 1,416,100 Sales Revenue $1,582,700 $1,482,740 Less Cost of Goods Sold 735,980 716,380 Gross Profit 846,720 766,360 Expenses: Depreciation Expense 149,940 133,280 Salaries and Wages Expense 383,180 349,860 Interest Expense 33,320 33,320 Loss on Sale of Equipment 11,760 0 578,200 516,460 Income Before Taxes 268,520 249,900 Less Income Tax Expense 107,408 99,960 Net Income 161,112 149,940 Additional Information: During the year, Sandhill sold equipment with an original cost of $149,940 and accumulated depreciation of $11- new equipment for $266,560. Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow w -15,000 or in parenthesis e.g. (15,000).) Sandhill Enterprises Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Sale of Equipment S 149940 11760 161112 FREE COIFFIovided by operating MIVITIES Depreciation Expense 149940 Loss on Sale of Equipment 11760 Decrease in Accounts Receivable 66640 Increase in Inventory -49980 Increase in Accounts Payable 83300 Increase in Tax Payable 16600 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Purchase of Equipment Net Cash used by Investing Activities 21560 -266560 245060 406172 -245000 Net Cash used by Investing Activities Cash Flows from Financing Activities Retirement of Bonds Payable -49980 Issuance of Common Stock 41650 Payment of Dividends -127792 Decrease in Tax Pavable Net Cash used by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of the Year eTextbook and Media -245000 -136122 33320 116620 149940