Souad Company Comparative Balance Sheet As at December 31, 2020 2020 2019 ASSETS Cash Accounts receivables Inventories Land Plant and Equipment, net $36,000 90,000 200,000 220,000 740,000 S1286.000 S202,000 4,000 300,000 140.000 646,000 $ 50,000 50,000 120,000 120,000 320,000 $660,000 LIABILITIES Accounts payable Salary payables Bonds payable, 12% Long-term note payable $ 22,000 8.000 200.000 230,000 SHAREHOLDERS EQUITY Common shares Retained earnings 380,000 260.000 640.000 $1,286,000 200,000 230.000 430.000 $660,800 Additional information: 1. Net income for the fiscal year ending December 31, 2020 was 50,000 2. In 2020, the depreciation expense was $34,000. 3. In 2020, acquisition of new plant was 475,200. 4. In 2020, sale of plant for cash realized a gain of $4000. Proceeds from sale of common shares was 80,000 6. Payment of cash dividends. 7. There is no new borrowing of long term note during the year. 8. The corporation issued common shares valued at $100,000 to acquire a land. Required: 1. Prepare a statement of cash flows in good form using the indirect method (15 marks) 2. Discuss briefly your results (5 marks) (type your answers in the following 2 blank pages)