Marigold Inc., a greeting card company, had the following statements prepared as of December 31, 2020. MARIGOLD INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $6,000 Accounts receivable 62,600 Short-term debt investments (available-for-sale) 35,400 Inventory 39,700 Prepaid rent 5,000 Equipment 154,200 Accumulated depreciation-equipment (35,300 Copyrights 45,500 Total assets $313,100 12/31/19 $7,100 51,100 18,100 59,600 4,000 128,700 (24,800) 49,800 $293,600 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity $45,500 4,000 7.900 8,000 60,600 100,000 30,000 57,100 $313,100 $39,800 6,000 3,900 9,900 69,500 100,000 30,000 34,500 $293,600 MARIGOLD INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $340,975 Cost of goods sold 176,300 Gross proht 164,675 Operating expenses 119,600 Operating income 45,075 Interest expense $11,300 Gain on sale of equipment 2,100 9,200 Income before tax 35.875 Income tax expense 7,175 Net income $28,700 Additional information: 1 2. 3. 4. Dividends in the amount of $6,100 were declared and paid during 2020. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign eg.-15,000 or in parenthesis eg. (15,000).) MARIGOLD INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers $