Deco Beauty Supply began 2020 with cash of $114,000. During the year, the company earned service revenue of $2,600,000 and collected $2,400,000 from clients. Expenses for the year totalled $1,765,000, of which the company paid $1,645,000 in cash to employees and $70,000 in cash for supplies. Deco Beauty Supply also paid $520,000 to purchase computer equipment and paid a cash dividend of $125,000 to its shareholders during 2020 Required 1. Compute net income for the year. 2. Determine the cash balance at the end of the year 3. Prepare the company's cash flow statement for the year. Format operating activities by the direct method. . Requirement 1. Compute net income for the year. The company's net income for the year is $ Requirement 2. Determine the cash balance at the end of the year The ending cash balance is $ Requirement 3. Prepare the company's cash flow statement for the year. Format operating activities by the direct method (Use parentheses or a minus sign for numbers to be subtracted.) Deco Arts Ltd. Cash Flow Statement For the Year Ended December 31, 2020 Cash flows from operating activities Collections from customers Payments to suppliers and employees Next