Net Sales Cost of Goods Sold Fiona's Flower Company Income Statement For the Year Ended December 31, 2020 Gross Margin Operating Expenses (including Depreciation Expense of $87,500) Operating Income Interest Expense Interest Income Divided Income Sain on Sale Equipment oss of Sale of Investment tal Other Income and Expenses come Before Income Taxes Ome Tax Expense Income ($245,000) O 224,000 87,500 (49,000) $1,785,000 (812,000) $973,000 (297,500) $675,500 17,500 $693,000 (94,500) $598,500 Assets 2020 2019 Change $262,500 $24,500 $238,000 80,500 108,500 (28,000) 94,500 427,000 430,500 49,000 45,500 14,000 28,000 (14,000) (3,500) Cash Accounts Receivable, net Inventory Prepaid Expenses Investments Land Building, net Equipment, net Total Assets Liabilities Accounts Payable Accrued Liabilities Income Taxes Payable Note Payable Total Liabilities Stockholders Equity Common stock Paid-in Capital in Excess of Par Value Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity Additional Information: Investments are Long-Term Assets 665,000 665,000 602,000 630,000 (28,000) 518,000 227,500 290,500 $2,663,500 $2,163,000 $500,500 $595,000 $542,500 $52,500 133,000 17,500 115,500 402,500 343,000 59,500 171,500 21,000 150,500 $1,302,000 $924,000 $378,000 $994,000 $892,500 101,500 17,500 350,000 17,500 329,000 21,000 $1,361,500 $1,239,000 $122,500 $2,663,500 $2,163,000 $500,500 Sold investments for $42,000 (with a carrying value of $91,000) Purchased investments for $87,500 Sold Equipment with a carrying value (i.e., net book value) of $87,500 Purchased equipment for $437,500 Depreciation on equipment for 2020 was $59,500 Depreciation on building for 2020 was $28,000 iabilition Investments are Long-Term Assets Sold investments for $42,000 (with a carrying value of $91,000) Purchased investments for $87,500 Sold Equipment with a carrying value (ie., net book value) of $87,500 Purchased equipment for $437,500 Depreciation on equipment for 2020 was $59,500 Depreciation on building for 2020 was $28,000 Note Payables are Long-Term Liabilities Issued Common Stock at par value Issued notes for $150,500 Net Cash inflow (outflow) related to Sales on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Inventory purchases on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Operating Expenses on the Statement of Cash Flows for 2020 would be: Net Cash inflow (outflow) related to Taxes on the Statement of Cash Flows for 2020 would be