SYCAMORE CORPORATION Comparative Statements of Financial Position December 31 SYCAMORE CORPORATION Income Statement For year ended December 31, 2020 Sales Cost of goods sold Depreciation expense Salaries expense Rent expense Other operating expenses, including bond interest Net loss on disposal of assets. Income taxes expense Net income $1,075,000 640,000 94,000 140,000 72,000 14,000 10,000 84,00021,0008 Additional Data: 1. The bonds were sold at par on July 1, 2020. 2. Cash dividends were paid. 3. Land was sold for $80,000. 4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it. Instructions Prepare a statement of cash flows for calendar 2020, using the direct method