Marigold Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020: MARIGOLD INC. Comparative Statement of Financial Position December 31 2020 2019 Cash $ 50,815 $ 25,160 Accounts receivable 58,000 51,200 Inventory 40,010 60,140 5,270 4,140 Prepaid rent Equipment 159,820 130,110 Accumulated depreciation-equipment (35,270) (25,140) Goodwill 22,000 62,000 Total assets $ 300,645 $ 307,610 Accounts payable $ 46,220 $ 40,110 Income tax payable 4,010 6,140 8,160 4,160 Salaries and wages payable Short-term loans payable 8,000 10,200 Long-term loans payable 62,000 81,000 Common shares 130,000 130,000 Retained earnings 42,255 36,000 Total liabilities and shareholders' equity $ 300,645 307,610 MARIGOLD INC. MARIGOLD INC. Income Statement Year Ending December 31, 2020 Sales revenue $ 347,435 Cost of goods sold 165,000 Gross margin 182,435 Operating expenses 120,000 Operating income 62,435 Interest expense $ 11,500 40,000 Impairment loss-goodwill Gain on disposal of equipment Income before income tax (2,900) 48,600 13,835 Income tax expense 4,180 Net income $ 9,655 Additional information: 1. Dividends on common shares in the amount of $3,400 were declared and paid during 2020. Dividends paid are treated as finar 2. Depreciation expense is included in operating expenses, as is salaries and wages expense of $ 71,000. Equipment with a cost of $ 42,000 that was 70% 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 - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Marigold Inc. Statement of Cash Flows (Indirect Method) V $ Adjustments to reconcile net income/loss to net cash provided by operating activities: $ $ > >