READ INSTRUCTIONS CAREFULLY ASSETS 2019 2020 LIABILITIES 2019 2020 Cash and Cash Equivalent 5,000 3,000 Accounts Payable 5,000 8,000 Accounts Receivable 15,000 22,000 Notes Payable 20,000 Inventory 12,000 15,000 Accrued wages 2,000 2,000 Fixed Assets 50,000 55,000 Accrued taxes 3,000 5,000 Other assets 8,000 5,000 Long term debts 15,000 Common stock 20,000 26,000 Retained Earnings 40,000 44,000 90,000 100,000 90,000 100,000 QUESTION:01 Following is the comparative balance sheet of Y corporation at December 31, are as 48,000 Statement of income and retained earnings for the year ended December 31, 2020 Net Sales Expenses: Cost of goods sold 25,000 Selling and administrative expenses 5,000 Depreciation 5,000 Interest Net income before tax Less: Income taxes Net Income Add: Retained earnings at December 31,2019 wood Ur RS (37,000) 11,000 (4,000) 7,000 40,000 47,000 3,000 44,000 Less: Dividend Retained Earnings at December 31, 2020 Required: Prepare a cash flow statement using indirect method for the year ended December 31, 2020