SHORT ANSWER 18PTS Jake Corporation's income statement for the year ended March 31, 2020 is given (see attached) The following information is also given as well: C. The company issued $22,000 of notes payable to acquire furniture. b. Depreciation expenses recorded on furniture for the year amounted to $19,300 Repaid notes during the year $20,000 d. Furniture costing $27,000 with accumulated depreciation of $15,300 was sold at book value. e. Dividends declared and paid during the year amounted to $ 4,300 REQUIRED: Prepare a Cash Flow Statement for 2020 in proper form for Jake Corporation. (36 X % = 18 POINTS) ns Sales Cost of goods sold $122,000 74, 050 Gross margin Less: Operating expenses Operating income Interest expense Income before taxes Taxes Net income 47,950 22.500 25,450 1,400 24,050 6,150 17.900 The balance sheet for the year ending March 31, 2019 and 2020 are as follows: 2020 2019 ASSETS Cash Accounts receivable Inventory Prepayments Furniture Less: Accumulated depreciation on Furniture 69,900 21,000 43.400 3,200 55.000 9,000 183.500 12,500 26,000 48,400 2,600 60,000 5.000 144,500 Accounts payable Taxes payable Notes payable Common Stock Retained earnings 13,000 1,200 37,000 115,000 17.300 183,500 14,000 1,800 35,000 90,000 3.700 144,500