The comparative balance sheets for Flounder Corporation show the following information. December 31 2020 2019 Cash $13,100 Accounts receivable 9,900 $33,700 12,200 12,000 -0- Inventory Available-for-sale debt investments Buildings Equipment -0- 8,900 3,000 30,000 19,800 6,200 $90,900 45,200 Patents 5,100 $108,200 Allowance for doubtful accounts $2,900 2,000 -O- 5,100 Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable $4,500 4,500 5,900 3,000 5,000 4,100 25,000 -0- 3,100 31,000 Common stock Retained earnings 43,000 21,100 $108,200 33,000 5,900 $90,900 Additional data related to 2020 are as follows. rin n # Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,400. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2,000 taxes). Debt investments (available-for-sale) were sold at $1,600 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. A long-term note for $16,000 was issued for the acquisition of equipment. Interest of $2,000 and income taxes of $6,500 were paid in cash. 5. 6. 7. 8. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) FLOUNDER CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to