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: $ 10,800 HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities Proceeds from short-term debt Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year 54, eee 27,600 (8,400) 14,400 (7,200) $ 91,200 $ (60,000) (57,600) $(117,600) 6 , (30,000) 12,000 (3,600) $ (15,680) $(42,000) Required: o. 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, Complete the December 31, 2020 and 2019 balance sheets. HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 2019 Assets: Current assets Cash $ 105,600 87,600 67,200 48,000 312,000 (147 600) Accounts receivable Inventory Total current assets Land Buildings and equipment Less: Accumulated depreciation Total land, buildings and equipment Total assets Liabilities: Current liabilities Accounts payable Short-term debt Notes payable Total current liabilities Long-term debt $ 34,800 38,400 43,200 $ 102,000 87,600 67 200 48,000 312,000 (147.600) ces Accounts receivable Inventory Total current assets Land Buildings and equipment Less. Accumulated depreciation Total land, buildings and equipment Total assets Liabilities: Current liabilities Accounts payable Short-term debt Notes payable Total current liabilities Long-term debt Stockholders' Equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 34 800 38,400 43,200 $ 102,000 $ 48,000 Fe Required B 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. Complete this question by entering your answers in the tabs below. Required A Required B Complete the statement of changes in retained earnings for the year ended December 31, 2020. (Amounts to be de should be indicated by a minus sign.) HARTFORD INC. Statement of Changes in Retained Earnings For the Year Ended December 31, 2020 Retained earings, January 1, 2020 Retained earnings, December 31, 2020