Exercise 23-11 Condensed financial data of Headland Company for 2020 and 2019 are presented below. HEADLAND COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,800 Receivables 1,750 Inventory 1,630 Plant assets 1,910 Accumulated depreciation (1,190 ) Long-term investments (held-to-maturity) 1,280 $ 7,180 2019 $1,130 1,320 1,890 1,720 (1,170) 1,410 $6,300 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,230 190 1,400 1,930 2,430 $7,180 $910 240 1,540 1,680 1,930 $6,300 HEADLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business $6,890 4,730 2,160 940 1,220 90 1,310 550 760 260 $500 Additional information: During the year, $60 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows 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).) HEADLAND COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities Decrease in Accrued Liabilities Adjustments to reconcile net income to LINK TO TEXT