Question 1 View Policies Current Attempt in Progress The following are the financial statements of Swifty Corporation. Swifty Corporation Comparative Balance Sheets December 31 Assets 2020 Cash $37,200 Accounts receivable 33,000 Inventory 30,800 Equipment 60,000 Accumulated depreciation-equipment (29,800) Total $131,200 2019 $19,700 18,400 20.800 77.600 (23,500) $113,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 7,300 26,500 17.700 51,400 $131,200 $16,700 8,500 33.900 14.000 39.900 $113,000 Swifty Corporation Income Statement For the Year Ended December 31, 2020 Sales revenue $241,400 Cost of goods sold 175.800 Gross profit 65,600 Operating expenses 23.000 Income from operations 42,600 Interest expense 3,400 Income before income taxes 39,200 Income tax expense 7,200 Net income $32,000 Additional data: 1. Dividends declared and paid were $20,500. 2. During the year, equipment was sold for $9,600 cash. This equipment cost $17,600 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,300, is in the operating expenses. 4. All sales and purchases are on account. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesis eg. (15,000).) Swifty Corporation Statement of Cash Flows Adjustments to reconcile net income to $