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Do It! Review 17-02 b Alex Company reported the following information for 2020. Alex Company Comparative Balance Sheets December 31 _ Change Assets 2020 2019 Increase / Decrease Cash $61,000 $33,000 $28,000 Increase Accounts receivable 65,000 23,000 42,000 Increase Inventory 47,000 0 47,000 Increase Prepaid expenses 6,000 4,000 2,000 Increase Land 55,000 75,000 20,000 Decrease Buildings 210,000 210,000 0 Accumulated depreciationbuildings (24,000) (16,000) 8,000 Increase Equipment 188,000 65,000 123,000 Increase Accumulated depreciationequipment (29,000) (10,180) 18,820 Increase Totals W $3T,SZO Liabilities and Stockholders' Equity Accounts payable $44,000 $39,000 $5,000 Increase Accrued expenses payable 0 10,000 10,000 Decrease Bonds payable 99,000 145,000 46,000 Decrease Common stock ($1 par) 237,000 64,000 173,000 Increase Retained earnings 199,000 125,820 73,180 Increase Totals $579,000 $383,820 Alex Company Income Statement For the Year Ended December 31, 2020 Sales revenue $908,000 Cost of goods sold $439,000 Operating expenses 212,000 Interest expense 11,000 Loss on disposal of plant assets 2,000 664,000 Income before income taxes m Income tax expense 61,000 Net income m Additional information: Operating expenses include depreciation expense of $40,820. _and was sold at its book value for cash. Cash dividends of $109,820 were declared and paid in 2020. Equipment with a cost of $178,000 was purchased for cash. Equipment with a cost of $55,000 and a book value of $41,000 was sold for $39,000 cash. 5. Bonds of $46,000 were redeemed at their face value for cash. #mNin 6. Common stock ($1 par) of $173,000 was issued for cash. Use this information to 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).) ALEX COMPANY Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to