Item 11

Sunny Technologies Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019, and 2020 is shown below along with some other information.

Sunny Technologies Inc.
Income Statement
For Year Ended December 31, 2020
Revenues:
Sales				$	627,100
Cost of goods sold					483,100
Gross Profit					144,000
Expenses and other:
Other expenses	$	155,100
Depreciation expense		25,500
Total operating expenses					180,600
Operating Profit (Loss)					(36,600	)
Loss on sales of plant assets					20,700
Profit (Loss)				$	(57,300	)

Sunny Technologies Inc.
Post-Closing Trial Balance
	December 31
Account	2020			2019
Cash	$	62,200		$	76,910
Receivables		41,400			30,300
Merchandise inventory		27,100			35,100
Property, plant and equipment		230,300			190,510
Accumulated depreciation		63,900			52,700
Accounts payable		49,080			62,400
Accrued liabilities		11,100			6,300
Notes payable		97,710			40,110
Common shares		49,710			8,000
Retained earnings		89,500			163,310

Other information regarding Sunny and its activities during 2020:

1. Assume all accounts have normal balances.
2. Cash dividends were declared and paid during the year.
3. Plant assets were sold during the year.
4. Plant assets worth $99,100 were purchased during the year by paying cash of $31,900 and issuing a long-term note payable for the balance.

Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows and loss as negative amounts. )

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