Sandhill Enterprises Balance Sheet and Income Statement Data December 31, 2020 December 31, 2019 Current Assets: Cash $149.940 $116,620 Accounts Receivable 233,240 299,880 Inventory 383,180 333,200 Total Current Assets 766,360 749,700 Property, Plant, and Equipment Less: Accumulated Depreciation 1,216,180 (466,480) 749,700 $1,516,060 1,099,560 (433.160) 666,400 $1,416,100 Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities $183,260 49,980 83,300 316,540 $99,960 66,640 74,970 241,570 Bonds Payable Total Liabilities 333,200 649,740 383,180 624,750 Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 499,800 366,520 866,320 1,516,060 458,150 333,200 791,350 1,416,100 Sales Revenue Less Cost of Goods Sold Gross Profit Expenses: Depreciation Expense $1,582,700 735,980 846,720 $1,482,740 716,380 766,360 149,940 133,280 349 860 Depreciation Expense Salaries and Wages Expense Inest Expense Loss on Sale of Equipment 133,280 349,860 33,320 149,940 383,180 33,320 11,760 578,200 268,520 107.408 161,112 Income Before Taxes Less Income Tax Expense Net Income 516,460 249,900 99,960 149,940 Additional Information: During the year, Sandhill sold equipment with an original cost of $149,940 and accumulated depreciation of $116,6 equipment for $266,560 Prepare a statement of cash flows for the year ending December 31, 2020. (Show amounts that decrease cash flow wil parenthesis e.g. (15,000).) Sandhill Enterprises Statement of Cash Flows Por the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Decrease in Accounts Receivable 66640 Increase in Inventory 49980 Sandhill Enterprises Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Decrease in Accounts Receivable : 66640 Increase in Inventory -49980 Net Cash Provided by Operating Activities