The balance sheet and income statement for Elizabeth Hotels are presented below. Elizabeth Hotels Balance Sheet As at December 31 2020 Assets Current Assets Cash Accounts Receivable: Inventory Total Current Assets Land 2019 Liabilities and Equity Liabilities Current Liabilities Accounts Payable Taxes Payable $129,440 $78,600 $46,600 $28,000 $72,400 $45,900 $248,440 $152,500 $94,000 $101,000 Equipment $100,000 $133,000 Accumulated Depreciation $-51,000 $-63,000 Total Assets $391,440 $323,500 $37,400 $66,600 $29,300 $29,300 Taxes Payable Total Current Liabilities Notes Payable Total Liabilities Shareholders' Equity Common Shares. Retained Earnings $66,600 $29,300 $29,300 $66,700 $95,900 $125,800 $84,600 $192,500 $180,500 $71,800 $60,800 $127,140 $82,200 Total Shareholders' Equity $198,940 $143,000 Total Liabilities and Equity $391,440 $323,500 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 $402,000 $261,300 $140,700 2 Revenue Cost of Sales Gross Profit Operating Expenses Depreciation Expense Other Operating Expenses Total Operating Expenses Income from Operations Other Income and Expenses Interest Expense Loss on Sale of Equipment Gain on Sale of Land Operating Income before Tax Income Tax Net Income (Loss) $402,000 $261,300 $140,700 $9,000 $26,300 $35,300 $105,400 $-7,700 $-6,000 $6,500 $98,200 $29,460 $68,740 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 M Cash Flow from Operating Activities Net Income Elizabeth Hotels Cash Flow Statement For the Year Ended December 31, 2020 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 Change in Cash Due to Operating Activities Cash Flow from Investing Activities $7 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 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 D Next page ish (en)