Question 7 of 12

Question 7 of 12 0.6/1.5 Skysong Corp. uses the direct method to prepare its statement of cash flows. Skysong trial balances at December 31, 2020 and 2019, are as follows. Debits Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense Credits Allowance for doubtful accounts Accumulated depreciationplant assets Accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Common stock Paid-in capital in excess of par Retained earnings Sales revenue Additional information: December 31 2020 $35,200 33,000 31,300 99,500 4,500 248,500 141,200 137,900 4,400 20,400 $755,900 $1,300 16,300 24,800 21,000 5,400 44,800 50,200 9,000 45,000 538,100 $755,900 2019 $32,000 29,900 47,000 94,500 5,000 383,100 171,000 152,000 2,600 60,800 $977,900 $1,200 14,800 15,600 29,000 4,700 20,000 40,000 7,500 64,300 780,800 $977,900 1. 2. 3. Skysong purchased $5,000 in equ ipment during 2020. Skysong allocated one-third of its depreciation expense to selling expenses and the remainder to general and administrative expenses. Bad debt expense for 2020 was $5,000, and write-offs of uncollectible accounts totaled $4,900. Determine what amounts Skysong should report in its statement of cash flows for the year ended December 31, 2020, for the