The balance sheet and income statement for Elizabeth Hotels are presented below. Elizabeth Hotels Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $141,005 $78,100 Accounts Receivable $45,500 $28,300 Inventory $71,700 $46,100 Total Current Assets $258,205 $152,500 Land $95,000 $101,000 Equipment $97,000 $133,000 Accumulated Depreciation $-52,000 $-65,000 Total Assets $398,205 $321,500 Liabilities and Equity Liabilities Current Liabilities Accounts Payable $38,400 $69,700 Taxes Payable $22,300 $22,300 Total Current Liabilities $60,700 $92,000 Notes Payable $124,100 $82,500 Total Liabilition $184 800 $174.500 Shareholders' Equity Common Shares Retained Earnings $80,000 $67,000 $133,405 $80,000 Total Shareholders' Equity $213,405 $147,000 Total Liabilities and Equity $398,205 $321,500 Notes: The company paid cash dividends during 2020. The company did not make a notes payable payment during 2020. The company did not purchase any equipment during 2020. The company did not purchase any land during 2020. Elizabeth Hotels Income Statement For the Year Ended December 31, 2020 Revenue Cost of Sales Gross Profit $425,000 $276,250 $148,750 Operating Expenses Depreciation Expense $9,000 Other Operating Expenses $29,200 Total Operating Expenses $38,200 Income from Operations $110,550 Other Income and Expenses Interest Expense $-7,900 Loss on Sale of Equipment $-7,000 Gain on Sale of Land $7,500 Operating Income before Tax $103,150 Income Tax Net Income (Loss) $30,945 $72,205 Prepare the cash flow statement for December 31, 2020 using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Elizabeth Hotels Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Adjustments for Non-Cash Items Depreciation Expense Loss on Sale of Equipment Gain on Sale of Land Changes in Current Assets and Current Liabilities Increase in Accounts Receivable Increase in Inventory Decrease in Accounts Payable Decrease in Accounts Payable Change in Cash Due to Operating Activities Cash Flow from Investing Activities Sale of Equipment Sale of Land Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Proceeds from Notes Payable Payment of Dividends Net Cash Provided (Used) by Financing Activities Net increase (decrease) in cash Cash at the Beginning of the Year Cash at the End of the Year