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Kingbird Inc., a greeting card company, had the following statements prepared as of December 31, 2020. KINGBIRD INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $ 6,000 $6.900 Accounts receivable 62,500 50.900 Short-term debt investments (available-for-sale) 35,200 17.900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 ( 35,200) (24,700) Accumulated depreciation-equipment Copyrights 45,600 50.500 Total assets $312,400 $ 294,700 Accounts payable $45.500 $ 40.000 4,000 6.100 Income taxes payable Salaries and wages payable Short-term loans payable 8,000 3.900 8,000 9.900 59,400 68.800 Long-term loans payable Common stock, $10 par Contributed capital, common stock 100,000 100.000 30,000 30.000 Retained earnings 57,500 36.000 Total liabilities & stockholders' equity $312,400 $294.700 KINGBIRD INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $ 337,300 Cost of goods sold 174,000 Gross profit 163,300 Operating expenses 119,100 Operating income 44,200 Interest expense $11,600 Gain on sale of equipment 1,900 9,700 Income before tax 34,500 Income tax expense 6,900 Net income $ 27,600 Additional information: 1. Dividends in the amount of $ 6,100 were declared and paid during 2020. 2. 3. 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 $ 20,000 and was 70% depreciated was sold during 2020. . 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-signeg.-15,000 or in parenthesis eg. (15,000).) 1. Dividends in the amount of $ 6,100 were declared and paid during 2020. 2. 3. 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 $ 20,000 and was 70% depreciated was sold during 2020. 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-signeg.-15,000 or in parenthesis eg. (15,000).) KINGBIRD INC. Statement of Cash Flows For the Year Ended December 31, 2020 $ > > V > > $