Mitchell Corporation reported the following income statement and comparative balance sheets, along with transaction data for 2020 (Click the icon to view the income statement.) 2 (Click the icon to view the comparative balance sheets.) Requirement Use the Indirect method to prepare the Operating Activities section of Mitchell Corporation's 2020 statement of cash flows Use the indirect method to prepare the Operating Activities section of Mitchell Corporation's 2020 statement of cash flows (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Mitchell Corporation Statement of Cash Flows Year Ended December 31 2020 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities Changes in rencash operating working capital et cash provided by used for conting activities Assets 2020 2019 Current Cash and cash $ 33 000 $ equivalents Accounts receivable 7,500 10.750 30,000 8,700 10.750 Inventories Mitchell Corporation Comparative Balance Sheets December 31, 2020 and 2019 2020 2019 Liabilities Current Accounts payable $ 44.920 $ 2.900 Accrued liabilities 21,000 22,500 Income tax payable 36,500 30,500 Total current liabilities 2.000 7.000 Long-term note payable 104 420 62,900 Bonds payable 64.250 52 750 Shareholders' Equity: 16,000 11,000 Share capital 39.000 12,000 Retained earings Total liabilities and $ 223,670 $ 138,650 shareholders' equity 49 450 51.250 51,000 35,000 Prepaid expenses Total current assets 9,000 55,000 Equipment, net Long-term investments 65,000 21 420 22.000 3,200 Patent, net Total assets $ 223,670 $ 138,650 Mitchell Corporation Income Statement Year Ended December 31, 2020 Sales revenue $ 664 000 557 000 107 000 va Cost of goods sold Gross profit Operating expenses Salary expenses Depreciation expense equipment Amortization expense patent $ 41.900 nt 5.000 sal 4.000 tal 3,000 Rent expense er 53,900 Total operating expenses Income from operations Other items 53, 100 ng Loss on sale of equipment (3.500 sse Income before income tax 49,600 14 880 Income tax expense 5 34.720 Net income Print Done an