Required. Prepare a statement of Cash Flows For Year Ended December 31, 2020 Use Indirect Method and Proper Format The comparative balance sheets of Design Inc. at the beginning and end of the year 2020 are a follow Dec 31st January 1st Cash $600,000 $320,000 Accounts Receivable 332,000 300,000 Inventory 3,900,000 3,900,000 Property, Plant and Equipment 500,000 450,000 Accumulated Depreciation (325,000) (300,000) Marketable Securities 1,250,000 1,000,000 Loan Receivable 250,000 Total Assets $6,257,000 $5,920.000 Accounts Payable Income Taxes Payable Dividends Payable Lease Liability Common Stock Capital in Excess of Par Retained Eamings Total Liabilities and Stockholckers Equity $180,000 $140,000 45,000 46,000 10,000 1,300,000 1,500,000 400,000 400,000 1,300,000 1,300,000 3,032,000 2,524,000 $6,257,000 $5,920,000 Design Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of Good Sold Gross Profit Depreciation Expense Administrative Expense Earings Before Interest and Taxes Interest Expense Eamings Before Taxes Taxes Net Income $3,850,000 2.858.400 991,600 25,000 50,000 916,600 130.000 786,600 278,600 $508,000