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CHENG INC. Comparative Balance Sheets December 31 Assets 2020 Cash $107,600 Accounts receivable 91,900 Inventory 111,900 Prepaid expenses 29,400 Investments 139,800 Equipment 264,100 Accumulated depreciation-equipment (47,700) Total $697,000 2019 $47,800 33,100 102,100 25,900 113,700 241,800 (51,000) $513,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,400 16,500 117,100 219,000 233,000 $697,000 $67,400 17,200 149,500 175,100 104,200 $513,400 CHENG INC. Income Statement For the Year Ended December 31, 2020 $391,500 Sales revenue Less: $1256nn $391,500 CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue Less: Cost of goods sold $135,600 Operating expenses, excluding depreciation 12,500 Depreciation expense 34,900 Income tax expense 27,400 Interest expense 4,800 Loss on disposal of plant assets 7,500 Net income 222,700 $168,800 Additional information: 1. New equipment costing $80,600 was purchased for cash during the ye. 2. Old equipment having an original cost of $58,300 was sold for $12,600 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $40,000 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash fle CHENG INC. Statement of Cash Flows CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities 168800 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities 34900 Depreciation Expense 7500 Loss on Disposal of Plant Assets Increase in Accounts Receivable 58800 9800 Increase in Inventory 3500 Increase in Prepaid Expenses 44000 Increase in Accounts Payable Decrease in Accrued Expenses Payable 28800 X 168800 182400 Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Plant Assets 12600 Purchase of Plant Assets 80600 Purchase of Investments 26100 > Net Cash Used by Investing Activities 94100 Cash Flows from Financing Activities Redemption of Bonds 32400 Payment of Cash Dividends 40000 Issuance of Common Stock 43900 Net Cash Used by Financing Activities 28500