Exercise 17-09 (Video) Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment 2020 $73,200 85,600 169,800 74,000 260,500 (65,800)(33,700) 2019 $32,700 70,500 186,600 100,600 200,100 $597,300 $556,800 Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $47,300 203,000 173,200 133,300 $597,300 $556,800 $35,400 151,400 217,500 193,000 Total Additional information: 1. Net income for 2020 was $104,100. 2. Cash dividends of $44,400 were declared and paid. 3. Bonds payable amounting to $51,600 were redeemed for cash $51,600. 4. Common stock was issued for $44,300 cash 5. No equipment was sold during 2020, but land was sold at cost. Prepare a statement of cash flows for 2020 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).) Velo Company Statement of Cash Flows Adjustments to reconcile net income to LINK TO TEXT