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SAGE CORP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $15,380 Cost of goods sold 10,900 4,480 1,190 3,290 50 Gross margin Selling

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SAGE CORP INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales $15,380 Cost of goods sold 10,900 4,480 1,190 3,290 50 Gross margin Selling and administrative expenses Income from operations Other revenues and gains Loss on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 3,240 1,440 1,800 630 $1,170 Additional information: During the year, $100 of common stock was issued in exchange for land. 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-sign eg. -15,000 or in parenthesise.g. (15,000).)

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