NIAKWA INDUSTRIES Statement of Earnings Her the Year Faded December 31, 2020 51.900.000 90.000 920,000 Ne sales Cost of sales Operating expenses Depreciation expense property, plant and equipment 200,000 Amortization expense patents 27.000 Other operating expenses 197.000 Earnings from operating activities 496,000 Now operating activities Interest expense 160.000 Loss on sale of Land 100.000 Net earnings before income tax 236,000 Income tax (30%) 70.000 Net Earnings $ 165.200 NIAKWA INDUSTRIES Comparative Statement of Financial Position December 31, 2020 2929 2013 Current Assets Accounts Receivable Investments Inventory Total Currat Assets 5 405.200 150.000 460.000 23716000 21381,200 $ 200,000 350.000 220,000 20130.000 2.960,000 No Cart Asce Property, Plant, and Equipment Less Accumulated Depreciation Parets, et Total Non-Current Assets Total Assets 300,000 (760.000) 1920XXO 312.000 800,000 (560,000) 219.000 450.000 51.419.000 Liabides d Shareholders' Equity Curities Accounts Payable hered Payabiles Dividendes Payable Income Tax Payable Total Current Liabilities $119.000 160,000 80,000 27,000 650.000 5 265,000 240,00 B0.000 42.000 627,000 Non-Correntes Note Payabile Long-Term) Bends Pyable Total Nor-Car Lab 180.000 900.000 100.000 1,736.000 580,000 400.000 560.00 1.587.000 Shareholders' Equity Cote Share Lamine Tetul Shaders' Equity Teatbildes & Shareholders' Equity 1.600,000 357200 1.977209 SE693200 1.600.000 227,000 132.000 119.000 Additional information 1. Equipment was purchased for $400,000 cash in 2020, 2. Cash dividends of $40,000 were paid in 2020. 3. Land was sold for $220,000 cash in 2020. 4. Changes in the note payable and bonds payable accounts were through cash transactions 5. Any additional transactions were non-cash transactions and can be ignored for this question. Required Prepare a complete Statement of Cash Flows for 2020 using the Indirect method for the operating section. Ignore supplementary disclosure. ES % S3 Do not enter your answer in this space. You will be required to upload your response(s) at the end of your exam Notes Question 1 Notes