Preparing a Cash Flow StatementIndirect Method

Exon Corporations recent comparative balance sheet and income statement follow.

Balance Sheets, December 31	2020	2019
Assets
Cash	$49,000	$53,000
Cash equivalents	$10,000	$7,000
Accounts receivable (net)	34,000	24,000
Plant assets	277,000	247,000
Accumulated depreciation	(178,000)	(167,000)
Total assets	$192,000	$164,000
Liabilities and Stockholders Equity
Bonds payable	$49,000	$46,000
Dividends payable	8,000	5,000
Common stock, $1 par	22,000	19,000
Additional paid-in capital	9,000	3,000
Retained earnings	104,000	91,000
Total liabilities andstockholders equity	$192,000	$164,000

Income Statement, For Year Ended December 31	2020
Sales revenue	$155,000
Cost of goods sold	(107,000)
Gross margin	48,000
Depreciation expense	(33,000)
Gain on sale of equipment	13,000
Net income	$28,000

Additional information

1. During 2020, equipment costing $40,000 was sold for cash.

2. During 2020, $20,000 of bonds payable was issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium.

Required

Prepare the statement of cash flows for Exon Corporation for the year ended December 31, 2020, assuming the indirect method in reporting cash flows from operating activities.

***Have most correct, but need help filling in the gaps that are wrong***

28,000 > 33,000 13,000 X (10,000) 38,000 Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments: Depreciation expense Gain on sale of equipment Increase in accounts receivable, net Net cash provided (used) by operating activities Cash flows from investing activities Proceeds from sale of equipment Purchases of property, plant, and equipment Net cash provided (used) by investing activities Cash flows from financing activities Payment on bonds payable Proceeds from stock issuance Cash paid for dividends Net cash provided (used) by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 Noncash Disclosure Bonds payable exchanged for property, plant, and equipment 31,000 (50,000) (19,000) (17,000) 9,000 (12,000) (20,000) (4,000) X 53,000 X 49,000 x $ > 23,000 x