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Condensed financial data of Cheyenne Company for 2020 and 2019 are presented below. CHEYENNE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1.760 Receivables 1,750 Inventory 1,620 Plant assets 1.930 Accumulated depreciation (1.280) Long-term investments (held-to-maturity) 1,290 $7,070 2019 $1,180 1.290 1,890 1,690 (1,160) 1.440 $6,330 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,180 200 1,370 1,930 2.390 $7,070 $920 260 1,550 1,670 1.930 $6,330 CHEYENNE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,800 Cost of goods sold 4,700 Gross margin 2,100 Selling and administrative expenses 910 Income from operations 1,190 Other revenues and gains Gain on sale of investments 80 Income before tax 1,270 Income tax expense 550 Net income 720 Cash dividends 260 Income retained in business $460 During the year. $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis e.g. (15,000).) CHEYENNE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Indirect Method) Cash Flows from Operating Activities 720 Net Income Adjustments to reconcile net income to Net Decrease in Cash Gain on Sale of Investments $ Question 2 of 3 -/1 A $