Pharoah Corporation has contracted with you to prepare a statement of cash flows. The controller has provided the following information. Additional data related to 2020 are as foliows Additional data related to 2020 are as follows. 1. Equipment that had cost $11,100 and was 30% depreciated at time of disposal was sold for $2,500. 2. $5,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $4,900. 4. On January 1, 2020, the buliding was completely destroyed by a flood. Insurance proceeds on the bullding were 533,200 (net of $3,900 takes). 5. Equity imvestments (ownership is less than 20 s of totaishares) were sold at $1,500 above their cost. No unrealized gains or losses were recorded in 2020. 6. Cash and a long-term note for $16,000 were given for the acquisition of equipment. 7. Interest of $2,000 and income taves of $5,000 were pald incash. PHAROAH CORPORATION Statement of Cash Flows For the Year Endod December.31.2020 Cash Flows from Operating Activities Not Income Adjustments to reconcile net income to Net Cash Prowided by Operating Activitles Depreciation Expense Cogyright Amontization Copyright Amertization Loss on Sale of Imvestment. Cain on Sale of livostment Gain from Flood Darage Increase in Accounts Parable Increase in Accounts Receivabie (Net) Increase intinentory Pivment of Short-term Notes Payable Payment of Dlvidends Not Cash Used by Financing Activities Net lncrease in Cash Cash, January 1.2020 Carh. December 31,2020 Supplemental disclosures of cash flow information: Cnh Paid Euring the Wear lor intereat Cash Paid During the Yeas for Income faxes $ Noncash lwesting and financing Activities Retired Note Pavable ty Issuing Common Stock v Purclaked Equigenent by issuine Notes Payabie eTextbook and Media Attempts: of 5 used Save for tater