ICE Drilling Inc.'s balance sheet information and income statement are as follows: Additional information regarding ICE Drilling's activities during 2020 : 1. Loss on sale of equipment is $12,680. 2. Paid $71,480 to reduce a long-term note payable. 3. Equipment costing $111,000, with accumulated depreciation of $69,000, is sold for cash. 4. Equipment costing $217,080 is purchased by paying cash of $57,200 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $140,360. Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the ir - Analysis Component: Merchandise Inventory, Prepaid Expenses, Notes Payable, and Common Shares are some of the accounts that changed during 2020. Indicate what transactions likely caused each of these accounts to increase and/or decrease. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Merchandise inventory: ? Increases caused by the purchase of merchandise decreases caused by the purchase of merchandise decreases caused by the sale of merchandlse Increases caused by the sale of merchandise Prepaid expenses: ? Increases caused by the purchase of prepald Items, l.e., such as the payment of rent or insurance in advance ? decreases caused by the use of prepald expenses ? decreases caused by the purchase of prepald items, I.e., such as the payment of rent or Insurance in advance Increases caused by the use of prepald expenses Notes payable: ? Increases caused by the Issuance of debt (borrowing) ? decreases caused by principal payments decreases caused by the Issuance of debt (borrowing) Increases caused by principal payments Common shares: ? Increases caused by the Issuance of shares and/or share dividends ? decreases caused by the repurchase and/or cancellation of shares ? decreases caused by the Issuance of shares and/or share dividends ? Increases caused by the repurchase and/or cancellation of shares