ent Exercise 17-08 Rojas Corporation's comparative balance sheets are presented below. ROJAS CORPORATION Comparative Balance Sheets December 31 2020 Cash $14,800 Accounts receivable 20,700 Land 20,500 Buildings 69,600 Accumulated depreciation-buildings (14,800) Total $110,800 2019 $10,400 23,100 26,200 69,600 (10,800) $118,500 Accounts payable Common stock Retained earnings Total $12,800 74,000 24,000 $110,800 $27,900 71,400 19,200 $118,500 Additional information: 1. Net income was $22,200. Dividends declared and paid were $17,400. 2. No noncash investing and financing activities occurred during 2020. 3. The land was sold for cash of $4,600. anment Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease e.g. (15,000).) ROJAS CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 T Cash Flows from Operating Activities T Net Income . T 22,200 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 4,000 T Loss on Disposal of Plant Assets -1,100 ! T Decrease in Accounts Receivable : -2,400 T Decrease in Accounts Payable ! -15,100 -14,600 I Net Cash Provided by Operating Activities : 7,600 80p ment T Net Cash Provided by Financing Activities 4,600 Sale of Land 4,600 Net Cash Used by Financing Activities TCash Flows from Financing Activities - T -17,400 Payment of Dividends T Issuance of Common Stock 2,600 T Net Cash Used by Financing Activities -14,800 T Net Increase in Cash 2,600 T Cash at Beginning of Period 12,200 I Cash at End of Period 14,800