Direct E23.11 (LO 2) (SCF-Indireet Method) Condensed financial data of Pat Metheny Company for 2020 and 2019 are presented below. Pat Metheny Company Comparative Balance Sheet As of December 31, 2020 and 2019 Where Cash Receivables rv. Inventory Plant assets Accumulated depreciation * Long-term investments (held-to-maturity) 2020 $1,800 1,750 1,600 1,900 (1,200) 1,300 $7,150 only 2019 $1,150 650 1,300 - Uso 1,900 (300) 1,700 200 (1,170)-30 1,420 (120) $6,300 $ 900 -300 250 (50) 1,550 - USO) 1,700200 1,900 - 550 $6,300 $1,200 200 Accounts payable Accrued liabilities Bonds payable * * Common stock Retained earnings 1,400 1,900 2,450 $7,150 Pat Metheny Company Income Statement For the Year Ended December 31, 2020 Sales revenue $6,900 Cost of goods sold 4,700 Gross margin 2,200 Selling and administrative expense 930 Income from operations 1,270 Other revenues and gains Gain on sale of investments 80 - Income before tax 1,350 Income tax expense 540 Net income 810 Cash dividends 260 Income retained in business $ 550 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sole In 2020