Increase in Inventory CULLUMBER COMPANY INCOMESTATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,880 Cost of goods sold Gross margin 4,680 Selling and administrative expenses 2,200 Income from operations 1,270 Other revenues and gains Gain on sale of investments Income before tax 1,35080 Income tax expense 810540 Netincome 930 Cashdividends 260 Income retained in business $550 Plant assets Accumulated depreciation 1,8701,690 Long-term investments (held-to-maturity) (1,210)(1,190) Accounts payable $7,0901,270$6,2301,410 Accrued liabilities $1,230$910 Bonds payable 200250 Commonstock 1,4101,540 Retained earnings 1,8801,710 $7,0902,370$6,2301,820 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020 . Prepare astatement of cash flows using the indirect method. (Show amounts that decrease cash fiow with either a sign eg 15,000 or in parenthesis eg. (15,000). Condensed financial data of Cullumber Company for 2020 and 2019 are presented below. CULLUMBER COMPANY Statement of Cash Flows December 31,2020 (Indirect Method) Cash Flows from Operating Activities Net income $ Adjustments to reconcile net incorne to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in inventory