Lily Corporation's comparative balance sheets are presented below. LILY CORPORATION Comparative Balance Sheets December 31 2020 2019 Cash $27.970 $12,300 Accounts receivable 19,800 26,600 Land 19,600 29,200 Building 71,600 71,600 Accumulated depreciation (18,200) (11,600) Total $120.770 $128,100 Accounts payable $13.970 $34,300 Common stock 78,200 70,600 Retained earnings 28,600 23,200 Total $120.770 $128,100 Additional information: 1 2 Net income was $31.100. Dividends declared and paid were $25,700. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $7,500. (a) Prepare a statement of cash flows for 2020 using the indirect method(Show amounts that decrease cash flow with either a-signes. --15,000 or in parenthesis eg. (15,000).) LILY CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 31100 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities $ 6600 Depreciation Expense Loss on Sale of Land 2100 Decrease in Accounts Receivable 6800 Decrease in Accounts Payable -20330 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land 7500 Net Cash Used by Investing Activities -25700 Payment of Dividends 7600 Issuance of Common Stock Net Cash Used by Financing Activities Cash Flows from Investing Activities Sale of Land 7500 Net Cash Used by Investing Activities Payment of Dividends -25700 Issuance of Common Stock 7600 Net Cash Used by Financing Activities Net Decrease in Cash > Cash at Beginning of Period Cash at End of Period $