PREPARE A STATEMENT OF CASH FLOWS FOR THE QUEEN CORPORATION FOR THE YEAR ENDED DECEMBER 31, 2020

7 Prepare a statement of cash flows using the indirect method in the highlighted section below. Add lines if necessary. 8 Use Formulas for any and all amounts coming from another location in the file. Use formulas for any and all math calculations. DO NOT use a calculator and then enter the number. The comparative balance sheets for Queen Corporation show the following information: Cash Accounts receivable Allowance for doubtful accounts Inventory Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Investments Patents Total assets Accounts payable Dividends payable Notes payable, short-term Long-term notes payable Common stock Retained earnings Total liabilities and stockholders' equity \begin{tabular}{|l|l|} \hline \\ \hline Cash \\ \hline Accounts receivable \\ \hline Allowance for doubtful accounts \\ \hline Inventory \\ \hline Buildings \\ \hline Accumulated depreciation-buildings \\ \hline Equipment \\ \hline Accumulated depreciation-equipment \\ \hline Investments \\ \hline \end{tabular} Total liabilities and stockholders' equity \begin{tabular}{|r|r|r|l|l|} \hline \hline & & & & \\ \cline { 3 - 5 } & 74,000 & 2,000 & Increase & DR \\ \cline { 3 - 5 } & 12,000 & (6,000) & Decrease & CR \\ \hline 6,000 & 6,000 & 4,000 & Increase & DR \\ \hline 10,000 & 260,000 & (210,000) & Decrease & CR \\ \hline 50,000 & 50,000 & 18,000 & Increase & DR \\ \hline 68,000 & 53,500 & 99,900 & Increase & DR \\ \hline 153,400 & 455,500 & (92,100) & Decrease & CR \\ \hline 363,400 & & & \\ \hline \end{tabular} Additional data related to 2020 are as follows: 1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000 2. $18,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $12,000. 4. On January 1, 20 , the building was completely destroyed by a hurricane. Insurance proceeds on the building were $245,000 (net of $22,000 taxes). 5. Investments (available-for-sale) were sold at $2,800 below their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $20,000 was issued for the acquisition of equipment. 8. Interest of $1,000 and income taxes of $23,600 were paid in cash