E23.17B (LO 2) (SCFIndirect Method and Balance Sheet) Ryan Inc. had the following condensed balance sheet at the end of operations for 2019: RYAN INC. BALANCE SHEET DECEMBER 31, 2019 Cash Current assets other than cash Investments Plant assets (net) Land $ 23,700 143,900 50,000 119,500 25,000 $362,100 Current liabilities Notes payable Preferred stock Capital stock Retained earnings $ 87,600 45,500 60,000 120,000 49,000 $362,100 During 2020 the following occurred. 1. Land was purchased for $29,000. 2. Notes payable in the amount of $45,500 were paid. 3. An additional $10,000 in capital stock was issued for $23,500. 4. Dividends totaling $12,500 were paid to stockholders. 5. Net income was $49,600 after allowing depreciation of $21,800. 6. Plant assets were purchased through the issuance of $50,000 in bonds. 7. Both current assets (other than cash) and current liabilities remained at the same amount. Instructions (a) Prepare a statement of cash flows for 2020 using the indirect method. (b) Prepare the condensed balance sheet for Ryan Inc. as it would appear at December 31, 2020