Land Indirect Method- Preparing a Statement of Cash Flows A comparative balance sheet for Anthro Corp. follows. Net income for 2020 was $25,000, and cash dividends of $10,000 were paid in 2020. No buildings and equipment were sold in 2020. Land was sold at cost. Comparative Balance Sheet December 31 2019 2020 Assets Cash $20,000 $38,000 Accounts receivable 150,000 170,000 Inventory 200,000 230,000 85,000 70,000 Building and equipment 175,000 200,000 Accumulated depreciation (65,000) (80,000) Total assets $565,000 $628,000 Liabilities and Stockholders' Equity Accounts payable $75,000 $90,000 Income taxes payable 42,000 30,000 Notes payable (long-term) 80,000 100,000 Preferred stock 75,000 75,000 Common stock (no-par) 175,000 200,000 Retained earnings 118,000 133,000 Total liabilities and stockholders' equity $565,000 $628,000 Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities. Statement of Cash Flows Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities. $ 0 0 0 0 0 0 0 Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments: Depreciation expense Increase in accounts receivable Increase in inventory Increase in accounts payable Decrease in income taxes payable Net cash provided (used) by operating activities Cash flows from investing activities Sale of land Purchase of building and equipment Net cash provided (used) by investing activities Cash flows from financing activities Issuance on long-term debt issuance Issuance of common stock Cash paid for dividends Net cash provided (used) by financing activities Net increase in cash during 2020 Cash, January 1, 2020 Cash, December 31, 2020 0 0 0 0 0 0 0 0 0 $ 0