Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2020. MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $5,900 $7,000 Accounts receivable 61,500 51,300 Short-term debt investments (available-for-sale) 35,000 17,800 Inventory 40,400 60,200 Prepaid rent 5,000 4,000 Equipment 153,400 129,000 Accumulated depreciation-equipment (35,100 ) (25,100 ) Copyrights 46,300 49,600 Total assets $312,400 $293,800 Accounts payable $46,500 $40,200 Income taxes payable 4,100 6,000 Salaries and wages payable 8,100 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 60,200 68,700 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 55,600 34,900 Total liabilities & stockholders' equity $312,400 $293,800 MARIN INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338,750 Cost of goods sold 176,400 Gross profit 162,350 Operating expenses 119,600 Operating income 42,750 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 33,250 Income tax expense 6.650 Net income $26,600 Additional information: 1. Dividends in the amount of $5,900 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $19,900 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 e.g. -15,000 or in parenthesis e.g. (15,000).) MARIN INC. Statement of Cash Flows