The accounting records of Guci Corp. show the following data for the current year. Balance Sheet, December 31 2019 2020 Difference Cash $660 $429 $(231) Accounts receivable 1,980 1,320 (660) Merchandise inventory 660 1,980 1,320 Equipment, net 11,880 14,520 2,640 Total assets $15,180 $18,249 $3,069 Accounts payable $1,815 $1,584 $(231) Salaries payable 530 165 (165) Bonds payable 3,960 4,620 660 Common stock (no-par) 7,260 7,920 660 Retained earnings 1,815 3,960 2,145 Total liabilities and stockholders' equity $15,180 $18,249 $3,069 Income Statement For Year Ended December 31, 2020 Revenues $19,800 Cost of goods sold 11,220 Depreciation 2,640 Other expenses 2,541 Net income $3,399 Additional information Business Course Return to course Support - My Subscriptions e Depress Omeren Per income 260 2.54 33.399 22s Additional information 1. Equipment was sold for its book value of $2.640 2. Equipment purchased during the year was 57,920, 3. Cash dividends declared and paid were $1,254 Required Prepare the statement of cash flows for Guci Corp for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Neincome Adjustments Depreciation expense Decreate in a count receivable Increase in merchandise inventory Decrease in accounts payable Decrease in salaries payable Net cash provided by operating activities Cash flows from investing activities Purchase of equipment Sale of equipment Net cash used by investing activities Cash flows from financing activities cance of bonds payable Issuance of common stock Casti paid for dividende Netcash provided by financing activities Net increase in cash during 2020 Cath January 1, 2020 Cash, December 31, 2020