LUCAS COMPANY Comparative Balance Sheet Dec 31, 2020 Dec 31, 2019 Assets Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation-Equipment Total assets $54,000 6,000 11,000 2,000 20,000 (3.000) $90.000 $12,000 8,000 7,000 3,000 20,000 (2.000) $48 000 $ 4,000 14,000 18 000 12000 $48000 Liabilities and Stockholders' Equity Accounts payable $ 1,000 Long-term note payable 13,000 Common stock 33,000 Retained earnings 43.000 Total liabilities and stockholders' equity $90,000 The income statement for the year is as follows LUCAS COMPANY Income Statement For the Year Ended December 31 2020 Sales (all on credit) Expenses and losses Cost of goods sold $184 000 Operating expenses exclusive of depreciation 42 300 $280.000 LUCAS COMPANY Income Statement For the Year Ended December 31, 2020 Sales (all on credit) $280,000 Expenses and losses Cost of goods sold $184,000 Operating expenses, exclusive of depreciation 42 300 Depreciation expense 1,000 Interest expense 1,200 Loss on disposal of land 2.500 Income taxes 9.000 Total expenses and loss 240.000 Net income S40.000 Cash dividends of $9,000 were paid during the year. Land costing $15,000 was acquired by the issuance of common stock. The property was subsequently sold for $12,500 cash Instructions: 1. Prepare a statement of cash flows for the year ended December 31, 2020 using the indirect method (17 pts) Opon Statement of Cash Flow Word Document use it to complete the problem and copy and paste it in the space provided, or email it to me when you submit the exam OR Open the PDF document print it and complete the problem and email it to me when you submit the exam 2. At the bottom of your statement please calculate free cash row (5 ps)