Expert Q&A PROBLEM ONE: Statement of Cash Flows Pensacola Driers inc. Comparative Salance Sheet For years ended Dec 31, 2020 and 2019 2020 2019 Change Cash 34,000 41000 000 04,000 0.000 2,000 1,000 2,000 1000 Prepaid Insurance 2000 3000 -1000 115,000 110,000 5000 72,000 50,000 12000 110,000 000 30,000 uldings&quipment 220,000 240000 20,000 ess Accum Depr -35,000 60,000 25,000 Patent 15,000 00 -1000 $25,000 588,000 37,000 Accounts Payable 23,000 30,000 2000 2,000 1,000 -1000 and interest Pa 4,000 2000 2000 ncome Tax Payable 6,000 000 -2000 5,000 4,000 1,000 16000 16,000 Bonds Payable Comman Stack Additional Paid-in Capital Less Toury Stock Cout 150,000 120,000 20,000 -9,000 -1000 -1000 210,000 200.000 1000 44,000 000 4,000 182,000 2000 -2000 2000 25,000 588,000 Pensacola Drillers Inc Income Statement For year ended Dec 31, 2020 Sales Revenue 200.000 Cost of Goods S 110,000 Grass Pr 90,000 Salanes Expense 30,000 -5000 Putant Amortization Exp 1000 urance Expense 1,000 -14,000 Loss on Destruction of Equipment 10.000 000 1000 -2000 27,000 Hanmer Ge Additional infonation gathered from the accounting reco Required: Freer the statement of cash flows using the direct method for Pensacola Dars inc for the year ended December 31, 200 Done