Problem 17-09A Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $100,100 $47,600 Accounts receivable 92,800 33,700 Inventory 111,500 101,700 Prepaid expenses 29,400 25,700 Investments 140,200 114,100 Equipment 264,000 241,200 Accumulated depreciation-equipment (47,500 ) (52,100 ) Total $690,500 $511,900 Liabilities and Stockholders Equity Accounts payable $111,200 $67,000 Accrued expenses payable 16,500 17,000 Bonds payable 114,400 149,800 Common stock 219,100 174,000 Retained earnings 229,300 104,100 Total $690,500 $511,900 CHENG INC. Income Statement For the Year Ended December 31, 2020 Sales revenue $391,400 Less: Cost of goods sold $135,700 Operating expenses, excluding depreciation 11,100 Depreciation expense 32,300 Income tax expense 27,600 Interest expense 4,500 Loss on disposal of plant assets 7,500 218,700 Net income $172,700 Additional information: 1. New equipment costing $79,700 was purchased for cash during the year. 2. Old equipment having an original cost of $56,900 was sold for $12,500 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $47,500 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)