Part 3 (40 points) XYZ, Inc. has prepared the following financial statements for the current year ending December 31, 2020: Income Statement Balance Sheet 2020 2019 Sales $582,500 Cost of Sales 285,000 Gross Profit 297,500 Cash $49,800 $73,500 Accounts Rec. 65,810 Inventory 275,656 50,625 251,800 $ 114,975 Operating Expenses Depreciation 20,750 Other Expense 132,400 Total Expenses $153,150 Loss on Sale of Equip. (5,125) Income Tax Expense 24,250 Net Income Total Assets Prepaid Expense 1,250 1,875 Total Current $ 392,516 $377,800 Equipment Accum. Depr. 157,500 108,000 (36,625) (46,000) $ 513,391 $439,800 Account. Pay. $ 53,141 $ 114,675 Total Curr. Liab. Short-Term Note $ 10,000 $ 6,000 120,675 63,141 Notes Payable Total Liabilities 65,000 $128,141 48,750 $169,425 Common stock 162,750 Paid-In Capital 37,500 150,250 0 Retained Earnings 185,000 120,125 Total Liab. & Equity $513,391 $439,800 Additional Information: a. Sold equipment for $11,625 cash, which cost $46,875 with $30,125 accumulate depreciation. b. Purchased equipment costing $96,375 by paying $30,000 cash and signing a note payable for the balance. C. d. Paid $50,125 cash to reduce the long-term note payable. Borrowed $4,000 cash by signing a short-term note. e. Issued 2,500 share of common stock for $20 cash per share. f. Paid a cash dividend of $50,100. Prepare the Statement of Cash Flow as of December 31, 2020. Show the net cash flow from (a) Operating activities; (b) Investing activities; (c) Financing activities; (d) net cash flow for the year.