Question 12 of 12 > 0.6/1 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. The accounts below appear in the ledger of Flounder Company. Dr. Cr. Jan. 1. 2020 Aug. 15 Dec. 31 Retained Earnings Credit Balance Dividends (cash) Net Income for 2020 Bal. $42,400 27.500 67.700 $14,900 $40.200 Dr. Cr. Bal Jan. 1, 2020 Aug. 3 Sept. 10 Nov. 15 Equipment Debit Balance Purchase of Equipment Cost of Equipment Constructed Equipment Sold $61,700 47,500 $139,500 201,200 248,700 192.900 $55,800 Dr. Cr. Jan, 1, 2020 Apr. 8 Accumulated Depreciation-Equipment Credit Balance Major Repairs Accum. Depreciation on Equipment Sold Depreciation for 2020 $20,800 24,900 Bal. $83,200 62.400 37,500 54,500 Nov. 15 Dec. 31 $17,000 From the postings in the accounts above, indicate how the information is reported on a statement of cash flows by preparing a partial statement of cash flows using the indirect method. The loss on sale of equipment (November 15) was $5,800. (Show amounts that decrease cash flow with either a - signes -15,000 or in parenthesis eg. (15,000).) Question 12 of 12 0.6/1 CHILE CU Cusc cu UR WILTI CILICI VES. IJVV ITUCILITESIS ESTIJU FLOUNDER COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income 40,200 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 12,600 Loss on Sale of Equipment Net Cash Provided by Operating Activities Cash Flows from Investing Activities V Purchase of Equipment Cost of Equipment Constructed Sale of Equipment Major Repairs on Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Payment of Cash Dividends LOUI Net Cash Used by Financing Activities Cash at Beginning of Period Cash at End of Period