Question 2 of 3 - / 13 View Policies Current Attempt in Progress A comparative statement of financial position for Sarasota Industries Inc. follows: SARASOTA INDUSTRIES INC. Statement of Financial Position December 31, 2020 December 31 Assets 2020 2019 Cash $21,600 $34,600 Accounts receivable 106,000 55,800 Inventory 230,000 202,000 Land 87,000 126,000 Equipment 267,000 202,000 Accumulated depreciation equipment (71.000) (42.600) Total $640.600 $577.800 Liabilities and Shareholders' Equity Accounts payable $52.300 $60,300 Bonds payable 160.200 229,200 Common shares 234.000 165,000 Retained earnings 194.100 123,300 Total $640,600 $577,800 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $148,000. 2. Cash dividends of $77,200 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $69,000 were retired through issuance of common shares. 4. Land was sold at a gain of $5,000. 5. No equipment was sold during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) SARASOTA INDUSTRIES INC. Statement of Cash Flows $ Adjustments to reconcile net income to net cash provided by operating activities: $ During the year, Sarasota retired $ in bonds payable by issuing common shares