Question 29 of 34 View Policies Current Attempt in Progress The following information is available for Sally Corporation for the year ended December 31, 2020: Collection of principal on long-term loan to a supplier $15,000 Acquisition of equipment for cash 10,000 Proceeds from the sale of long-term investment at book value 20,000 Issuance of common stock for cash 27,000 Depreciation expense 28,000 Redemption of bonds payable at carrying (book) value 35,000 Payment of cash dividends 15,000 Net income 25,000 Purchase of land by issuing bonds payable 45,000 - / 5.5 In addition, the following information is available from the comparative balance sheet for Sally at the end of 2019 and 2020: 2020 2019 Cash $66,000 $14,000 Accounts receivable (net) 20,000 16,000 Prepaid insurance 18,000 13,000 Total current assets $104,000 $43,000 Accounts payable $30,000 $20,000 Salaries payable 3,000 7,000 Total current liabilities $33,000 $27,000 Prepare Sally's statement of cash flows for the year ended December 31, 2020 using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) SALLY CORPORATION Statement of Cash Flows Adjustments to reconcile net income to eTextbook and Media Save for Later $ > > > > > > > Attempts: 0 of 5 used Submit Answer