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The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below GREAT ADVENTURES, INC Income Statement For the Year Ended December 31, 2020 Revenues Service revenue (clinic, racing, TEAM Sales revenue (MU watches) $523,000 98,000 $621,000 Total revenues Expenses Cost of goods sold (watches) Operating expenses Depreciation expense Interest expense Income tax expense 60,000 303,276 40,000 28,724 51,000 Total expenses 483,000 Net income $ 138,000 GREAT ADVENTURES, INC Balance Sheets December 31, 2020 and 2019 Increase () 2020 2019 Decrease (D) Assets Current assets Cash Accounts receivable Inventory Other current assets $ 289,976 30,000 15,500 11,500 $128,000 25,000 13,000 10,000 $161,976 (I) 5,000 (I) 2,500 (I) 1,500 (1) Long-term assets Buildings Equipment Accumulated depreciation 200,000 1,200,000 55,000 200,000 (1) 1,200,000 (1) 55,000 (62,750) (22,750) 40,000 () Total assets $1,739,226 $208,250 Liabilities and Stockholders' Equity Current liabilities: $ 10,500 8,000 $ Accounts payable Interest payable Income tax payable 2,500 (1) 18,000 (I) 362,476 (I) 650 51,000 650 33,000 25,000 30,000 111,600 Long-term liabilities Notes payable 387,476 Stockholders' Equity: Common stock Paid-in capital Retained earnings Treasury stock 130,000 1,106,000 125,600 (72,000) 100,000 (I) 1,106,000 (I) 14,000 () (72,000) (I) Total liabilities and stockholders' equity $1,739,226 $208,250 Additional Information for 2020: 1. Borrowed $400,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,524. 2. Issued common stock for $1,200,000 3. Purchased 12,000 shares of treasury stock for $12 per share. 4. Reissued 6,000 shares of treasury stock at $13 per share 5. Declared and paid a cash dividend of $124,000. Required: Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method. (List cash outflows as negative amounts.) GREAT ADVENTURES, INC Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Net cash flow from operating activities Cash Flows from Investing Activities Net cash flow from investing activities Cash Flows from Financing Activities Net cash flow from financing activities Cash at the beginning of the period Cash at the end of the period