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II. Statement of Cash Flows Omaha Inc. Income Statement For Year Ended December 31, 2019 Omaha Inc.'s Comparative Balance Sheets for 2020 and 2019 and Income Statement for 2019 are presented below. Omaha Inc. Comparative Balance Sheets December 31, 2020 and 2019 $1,425,000 900,000 $ 525,000 375.000 $ 150,000 Sales Revenue Less: Cost of Goods Sold Gross Profit Less: Operating Expenses* Income from Operations Other Revenues and Expenses: Gain on Sale of Debt Investments Loss on Sale of Equipment Income before Taxes Income Tax Expense Net Income $22.500 (4.500) 18,000 $ 168,000 67,500 $ 100.500 Assets Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Debt Investments Equipment Accumulated Depreciation - Equipment Buildings Accumulated Depreciation - Buildings Land Totals 2020 $105,000 232,500 (15,000) 112,500 82,500 105,000 (31,500) 217,500 (55,500) 60,000 $813.000 2019 $ 76.500 195,000 (12,000) 91,500 127,500 72.000 (21,000) 217,500 (42,000) 37.500 $742.500 *Operating Expenses include Depreciation Expense and Bad Debt Expense. Liabilities Accounts Payable Income Taxes Payable Long-Term Notes Payable Totals Additional information from the accounting records: 1. Equipment that cost $15,000 and was 60% depreciated was sold in 2019. 2. Common stock was issued in exchange for land. 3. No stock dividends were declared. 4. Cash dividends were declared and paid during the year. 5. Debt investments that cost $52,500 were sold during the year. 6. There were no write-offs of uncollectible accounts during the year. $ 99.000 18,000 93,000 $210.000 S 90,000 15.000 105.000 $210.000 Stockholders' Equity Common Stock Retained Earnings Totals Instructions: a. Prepare a complete Statement of Cash Flows using the direct method. b. Reconcile net income to cash (Operating section of a Statement of Cash Flows using the indirect method). $465,000 138.000 $603,000 $390,000 142.500 $532,500 Totals Liabilities and Stockholders' Equity 5813,000 $742.500