Teal Inc., a greeting card company, had the following statements prepared as of December 31, 2020. TEAL INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $5.900 Accounts receivable 61,500 Short-term debt investments (available-for-sale) 35,000 Inventory 40,400 Prepaid rent 5,000 Equipment 153,400 Accumulated depreciation-equipment (35,100) Copyrights 46,300 Total assets $312,400 12/31/19 $7,000 51,300 17,800 60,200 4,000 129.000 (25,100) 49,600 $293,800 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity $46,500 4,100 8,100 7.900 60,200 100,000 30,000 55,600 $312,400 $40,200 6,000 4,000 10,000 68,700 100,000 30.000 34,900 $293,800 TEAL INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $338,750 Cost of goods sold 176,400 Gross profit 162,350 Operating expenses 119,600 Operating income 42.750 Interest expense $11.500 Gain on sale of equipment 2.000 9,500 Income before tax 33.250 Income tax expense 6.650 Net income $26,600 1. Additional information: Dividends in the amount of $5,900 were declared and paid during 2020, 2. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $19,900 and was 70% depreciated was sold during 2020. 3. 4. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - signes -15,000 or in parenthesis eg. (15,000).) TEAL INC. Statement of Cash Flows For the Year Ended December 31, 2020 $ > $