Sunny Technologies Inc. began operations on January 1, 2019 its post closing trial balance at December 31, 2019, and 2020 is shown below along with some other information Sury Technologies The Income Statement For Year Ended December 31, 2020 Revenues Sales $627,700 Cost of goods sold 483,700 Gross Profit 144,000 Expenses and other: Other expenses Depreciation expense Total operating expenses Operating Profit (Loss) $ 155,700 26,100 Loss on sales of plant assets: Profit (Loss) 141,000 (37,000) 21,500 5 (99,100) Sunny Technologies Inc. Post-Closing Trial Balance Account Cash Receivables Merchandise inventory Property, plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Notes payable Connon shares Retained earnings December 31 2920 2019 $ 63,400 $ 76,850 42,600 27,700 230,900 30,900 35,700 150,450 64,500 53,300 51,000 62,400 11,700 6,500 97,650 40,050 49,650 5,000 90,100 163,250 Other information regarding Sunny and its activities during 2020 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during 3. Plant assets were sold during the year. the year 4. Plant assets worth $99,700 were purchased during the year by paying cash of $32,500 and issuing a long-term note payable for the balance. SUNNT TECHNOLOGIES INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities. Loss Adjustments to reconcile profit to net cash inflows from operating activities: Depreciation expense Loss on sale of plant assets Increase in accounts receivable Decrease in merchandise inventory Decrease in accounts payable Increase in accrued liabilities Net cash outflow from operating activities Cash flows from investing activities: Cash received from sale equipment Cash paid for equipment Cash flows from financing activities. Payment of cash dividends Payment to reduce long-term notes payable Receipt from issuing common shares Net cash outflow from financing activities Net increase in cash Cash at beginning of year $ (59,100) 26,100 21,300 (11,700) 8,000 (11,400) 4,800 $ (22,000) (32,500) (32,500) 0