Q.4) Following are the comparative Balance sheet and Income statement of Sajid Inc. (10 Marks) Sajid Inc. Sajid Inc. Comparative balance Sheet Income statement For the year ended December 31 For the year ended December 31, 2020 Particulars 2020 2019 Particulars 2020 Assets Sales 6,098,500 Cash 521,250 318,500 Cost of goods sold 2,790,000 Accounts Receivable 194,250 232,500 Gross profit 3,308,500 Inventory 1,773,500 1,398,750 Operating expenses: Equipment 571.250 459.000 Depreciation expenses 177,000 Total Assets 3,060,250 2.408,750 Other operating expenses 1,974,750 Profit before income taxes 1,155,750 Liabilities & Equity Income tax expenses 448.500 Accounts payable 382,500 356,750 Net profit 708,250 Income tax payable 45,000 67,500 Common stock, Rs 10 1,650,000 1,500,000 par Additional paid-in 420,000 150,000 Capital Retained earnings 562,750 334,500 Total Liabilities & 3,060.250 2.408,750 Equity Additional information for 2020: i).Purchased of equipment for cash Rs.289,250 ii). Issued 15,000 shares of common stock for cash, iii). Declared and paid Rs. 480,000 cash dividend. Instruction: Prepare a statement of cash flows using the indirect method for the year 2020