Question 4 View Policies Current Attempt in Progress Condensed financial data of Blue Company for 2020 and 2019 are presented below. BLUE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,820 $1,130 Receivables 1.730 1.280 Inventory 1,590 1.870 Plant assets 1.940 1,690 Accumulated depreciation (1.220) (1.180) Long-term investments (held-to-maturity) 1.450 1,300 $7,160 $6,240 Accounts payable $1,200 $920 230 Accrued liabilities 190 Bonds payable 1.430 1.530 Common stock 1.930 1.710 Retained earnings 2,410 $7,160 1.850 $6.240 BLUE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,840 Cost of goods sold 4,630 Gross margin 2,210 Selling and administrative expenses 930 Income from operations 1,280 Other revenues and gains Gain on sale of investments 90 Income before tax 1,370 Income tax expense 550 Net income 820 Cash dividends 260 Income retained in business $560 Additional information: During the year. $60 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a signes. -15,000 or in parenthesis eg. (15,000).) BLUE COMPANY Statement of Cash Flows (Direct Method)