Problem 9-28 (Algo) Complete balance sheet and prepare a statement of changes in retained earnings LO 10, 11 Following is a statement of cash flows (indirect method for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019 HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities Net income 6,300 Add (deduct) items not affecting cash Depreciation expense 31,500 Decrease in accounts receivable 16,100 Increase in Inventory (4,900) Increase in notes payable 8,400 Decrease in accounts payable 14,200) Net cash provided by operating activities $53,200 Cash Flows from Investing Activities: Purchase of equipment $ (35,680) Purchase of buildings (33,600) Net cash used by investing activities $687600) Cash Flows from Financing Activities: Proceeds from short-ters debt $ 3,500 Cash used for retirement of long-term debt (17,500) Proceeds from issuance of common stock 7,000 Payment of cash dividends on common stock (2,100) Net cash used by financing activities $19,100) Net decrease in cash for the year $ (24,500) Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. compene vecember 31, 2uzu and 2019 balance sheets. 2019 $ 61,600 51,100 28,000 (86,100) HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets: Current assets: Cash Accounts receivable Inventory 39,200 Total current assets Land Buildings and equipment 182,000 Less: Accumulated depreciation Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable Short-term debt 22,400 Notes payable Total current liabilities Long-term debt $ 59,500 Stockholders' Equity: Common stock $ 28,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,300 25,200 b. Complete the statement of changes in retained earnings for the year ended December 31, 2020, Complete this question by entering your answers in the tabs below. Required A Required Complete the statement of changes in retained earnings for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) HARTFORD INC Statement of Changes in Retained Earnings For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 Retained earningn, December 31, 2020