Terry Company$$s income statement and comparative balance sheets at December $31,2020$ and $2019,$ are as follows:

TERRY COMPANY

Income Statement

For Year Ended December $31,2020$

Sales revenue $$385,000$

Dividend income $5,000$

$--------------$

$390,000$

Cost of goods sold $$233,000$

Wages expense $82,000$

Advertising expense $10,000$

Depreciation expense $11,000$

Income tax expense $17,000$

Loss on sale of investments $2,000355,000$

$-------------------------------$

Net income $ $35,000$

TERRY COMPANY

Balance Sheets

$12/31/202012/31/2019$

ASSETS

Cash $$8,000$ $$12,000$

Accounts receivable $22,00028,000$

Inventory $94,00066,000$

Prepaid advertising $12,0009,000$

Long$-$term investments$$available for sale $30,00041,000$

Plant assets $178,000130,000$

Accumulated depreciation $(72,000)(61,000)$

$----------------------------------$

Total assets $$272,000$ $$225,000$

$=====================$

LIABILITIES AND STOCKOLDERS$$ EQUITY

Accounts payable $ $27,000$ $ $14,000$

Wages payable $6,0002,500$

Income tax payable $3,0004,500$

Common stock $139,000125,000$

Retained earnings $97,00079,000$

$---------------------------------$

Total liabilities and stockholders$$ equity $ $272,000$ $ $225,000$

REQUIRED:

a$.$ Calculate the change in cash that occurred during $2020.$ This is your check figure.

b$.$ Calculate the amount of dividends that were paid by reconciling the Retained Earnings Statement

Beginning R$/$E

$+$ Net Income

$-$ Dividends

Ending R$/$E

Three of these numbers are found on the statements above and the only missing element is dividends

b$.$ Prepare a $2020$ statement of cash flow using the indirect method. Make sure

Follow the format of the statement that I showed you in this week$$s outline.