Larkspur Ski Haus had the following statements prepared as of December 31, 2020. LARKSPUR SKI HAUS COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $2,500 $4,000 Accounts receivable 102,000 99,000 98,000 Short-term debt investments (available-for-sale) Inventories 121,000 48,000 92,000 Prepaid insurance 4,000 4,100 88,000 Ski equipment Accumulated depreciation-equipment Trader 44,000 (18,000) (23,500) 78,000 85,000 Total assets $441,000 $389,100 Accounts payable $93,500 $72,000 21,600 15,000 Income taxes payable Wages payable 4,000 9,000 23,500 0 Short-term loans payable Long-term loans payable 76,200 124,000 Common stock. $1 par 100,000 100,000 20,000 20,000 Additional paid-in capital Retained earnings 102,200 48,100 Total liabilities & stockholders' equity $441,000 $389,100 LARKSPUR SKI HAUS INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales $538,700 306.000 Cost of goods sold Gross profit 232.700 Operating expenses 93,000 Operating income 139.700 Interest expense $20,400 4,000 24,400 Loss on sale of equipment Income before tak 115,300 Income tax expense 41,200 Net income $74,100 Additional information: 1. 2. Dividends in the amount of $20,000 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. Equipment that had a cost of $24,800 and was 20% depreciated was sold during 2020. 3. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesises (15,000)) LARKSPUR SKI HAUS Statement of Cash Flows