Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2020. 100 MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $7,000 Accounts receivable 61,600 51,500 Short-term debt investments (available-for-sale) 34,900 18,100 Inventory 39,900 60,400 Prepaid rent 5,000 4,100 Equipment 154,100 130,300 Accumulated depreciation-equipment (35,000) (24,900 ) Copyrights 45,500 50,500 Total assets $312,100 $297,000 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 $45,800 4,000 8,100 7,900 60,500 100,000 30,000 55,800 $312,100 $39,900 6,000 4,000 10,000 69,300 100,000 30,000 37,800 $297,000 MARIN INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense $11,500 Gain on sale of equipment 2,000 Income before tax Income tax expense Net income $333,000 174,000 159,000 119,500 39,500 9,500 30,000 6,000 $24,000 Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020. ense 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 $20,100 and was 70% depreciated was sold during 2020. 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).) MARIN INC. Statement of Cash Flows $ Adjustments to reconcile net income to