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Metlock Inc. had the following balance sheet at December 31, 2019. METLOCK INC. BALANCE SHEET DECEMBER 31, 2019 Cash $ 23,380 Accounts payable $ 33,380

Metlock Inc. had the following balance sheet at December 31, 2019.

METLOCK INC. BALANCE SHEET DECEMBER 31, 2019

Cash $ 23,380 Accounts payable $ 33,380
Accounts receivable 24,580 Notes payable (long-term) 44,380
Investments 35,380 Common stock 103,380
Plant assets (net) 81,000 Retained earnings 26,580
Land 43,380 $ 207,720
$ 207,720

During 2020, the following occurred.

1. Metlock Inc. sold part of its debt investment portfolio for $ 17,299. This transaction resulted in a gain of $ 5,699 for the firm. The company classifies these investments as available-for-sale.
2. A tract of land was purchased for $ 16,380 cash.
3. Long-term notes payable in the amount of $ 18,299 were retired before maturity by paying $ 18,299 cash.
4. An additional $ 22,299 in common stock was issued at par.
5. Dividends of $ 10,499 were declared and paid to stockholders.
6. Net income for 2020 was $ 35,380 after allowing for depreciation of $ 13,299.
7. Land was purchased through the issuance of $ 38,380 in bonds.
8. At December 31, 2020, Cash was $ 40,380, Accounts Receivable was $ 44,980, and Accounts Payable remained at $ 33,380.

(a)

Prepare a statement of cash flows for 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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