Question 11 Comparative balance sheets of Ixte Jeans Company for 2020 and 2019 are as follows. TYTE JEANS COMPANY Comparative Statement of Financial Position Dec 31, 2020 Dec 31, 2019 Assets Current assets Cash $ 200,000 $ 188,000 Accounts receivable 120,000 133,000 Notes receivable 70,000 61,000 Inventories 439.000 326,000 Total current assets 829,000 708.000 Dapusotassets Land 525.000 500,000 Machinery 483.000 238,000 Accumulated amortization (143,000 (97.500) | Total w99 , assets $65.000 640.500 Total assets S1.694.000 S1.348,500 Liabilities and shareholders' equity Current liabilities Accounts payable $ 145,000 $ 158,000 Interest payable 17.500 10,000 Total current liabilities 162,300 168,000 Long-term debt 350.000 200,000 Total liabilities 512.500 368.000 Shareholders' equity Common shares 650.000 550,000 Retained earnings 531.500 430 500 Total shareholders equity 1,181,500 980.500 Total liabilities and shareholders' equity S1.694.000 S1.348.500 Additional information 1. Net income is $145,000 and includes depreciation expenses of 895,500. 2. Dividends declared and paid during the year were $48.000 3 A machine costing $70,000 was sold at its book value of S20000 4 No repayment of long term debt occurred in 2020 Required: Prepare a cash flow statement for the year ended December 31 2020, for inclusion in the year end financial statements