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Nash Inc., a greeting card company, had the following statements prepared as of December 31, 2020. NASH INC. COMPARATIVE BALANCE SHEFT AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity $46,200 $39,700 4,000 6,100 7,900 4,000 7,900 10,000 59,800 68,600 100,000 100,000 30,000 30,000 58,200 37,100 $314,000 $295,500 NASH INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 NASH INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense $11,400 Gain on sale of equipment 2,000 Income before tax Income tax expense Net income $335,575 173,200 162,375 119,100 43,275 9,400 33,875 6,775 $27,100 Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing section (15,000).) NASH INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers 124175 Cash Payments to Suppliers 146800 Cash Payments for Operating Expenses 116100 Cash Payments for Interest 11400 Cash Payments for Income Taxes 8875 283175 Net Cash Provided by Operating Activities - 159000 Cash Flows from Investing Activities Purchase of Investments -16600 Sale of Equipment Purchase of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities xl [Principal Payment on Short-term Loan Principal Payment on Long-term Loan *E > Dividend Payments -6,000 Net Cash Used by Financing Activities Net Decrease in Cash Cash at Beginning of Period 10 EXX Cash at End of Period