The balance sheet and income statement for Elizabeth Hotels are presented below.

Elizabeth Hotels

Balance Sheet

As at December $31$

$20202019$

Assets

Current Assets

Cash $$129,440$ $$78,600$

Accounts Receivable $$46,600$ $$28,000$

Inventory $$72,400$ $$45,900$

Total Current Assets $$248,440$ $$152,500$

Land $$94,000$ $$101,000$

Equipment $$100,000$ $$133,000$

Accumulated Depreciation $$-51,000$ $$-63,000$

Total Assets $$391,440$ $$323,500$

Liabilities and Equity

Liabilities

Current Liabilities

Accounts Payable $$37,400$ $$66,600$

Taxes Payable $$29,300$ $$29,300$

Total Current Liabilities $$66,700$ $$95,900$

Notes Payable $$125,800$ $$84,600$

Total Liabilities $$192,500$ $$180,500$

Shareholders' Equity

Common Shares $$71,800$ $$60,800$

Retained Earnings $$127,140$ $$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 $$402,000$

Cost of Sales $$261,300$

Gross Profit $$140,700$

Operating Expenses

Depreciation Expense $$9,000$

Other Operating Expenses $$26,300$

Total Operating Expenses $$35,300$

Income from Operations $$105,400$

Other Income and Expenses

Interest Expense $$-7,700$

Loss on Sale of Equipment $$-6,000$

Gain on Sale of Land $$6,500$

Operating Income before Tax $$98,200$

Income Tax $$29,460$

Net Income $($Loss$)$ $$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

For the Year Ended December $31,2020$

Cash Flow from Operating Activities

Net Income Answer

Adjustments for Non$-$Cash Items

Depreciation Expense Answer

Loss on Sale of Equipment Answer

Gain on Sale of Land Answer

Changes in Current Assets and Current Liabilities

Increase in Accounts Receivable Answer

Increase in Inventory Answer

Decrease in Accounts Payable Answer

Change in Cash Due to Operating Activities Answer

Cash Flow from Investing Activities

Sale of Equipment Answer

Sale of Land Answer

Net Cash Provided $($Used$)$ by Investing Activities Answer

Cash Flow from Financing Activities

Issuance of Common Shares Answer

Proceeds from Notes Payable Answer

Payment of Dividends Answer

Net Cash Provided $($Used$)$ by Financing Activities Answer

Net increase $($decrease$)$ in cash Answer

Cash at the Beginning of the Year Answer

Cash at the End of the Year