HALPERN CORPORATION Comparative Balance Sheet 2020 2019 Assets Cash $36,000 $31,000 Accounts receivable (net) 70,000 60,000 Prepaid insurance 25,000 17,000 Land 18,000 40,000 Equipment 70,000 60,000 Accumulated depreciation (20,000) (13,000 Total assets $199,000 $195,000 Liabilities and Stockholder's Equity Accounts payable $11,000 $6,000 Bonds payable 27,000 19,000 Common stock 140,000 115,000 Retained earnings 21,000 55,000 Total liabilities and stockholders' equity $199,000 $195,000 Additional information: Additional information: 1. Net loss for 2020 is $20,000. 2. Cash dividends of $14,000 were declared and paid in 2020. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000. Prepare a statement of cash flows for the year ended 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).) HALPERN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 4 $ 20000 Adjustments to reconcile net income to HALPERN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities $ 20000 Adjustments to reconcile net income to Depreciation 4 $ 17000 Loss on Sale of Land 4000 Increase in Accounts Receivable 10000 Decrease in Prepaid Insurance 8000 Increase in Accounts Payable 5000 $ $