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The comparative balance sheets for Kingbird Corporation show the following information. Additional data related to 2020 are as follows. 1. Equipment that had cost $10,900

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The comparative balance sheets for Kingbird Corporation show the following information. Additional data related to 2020 are as follows. 1. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,400. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000 (net of $2,000 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,400 were paid in cash. 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). Adjustments to reconcie net income to Net Cash Provided by Operating Activities Depreciation Expense 5 Gain from Flood Damage Gain on Sale of Investments Loss on 5ale of Equipment Patent Amortization. Increase in Accounts Receivable (Net) increase in inventory Increase in Accounts Payable Net Cath Provided by Operating Activities : Cahh Flows trom investing Activities Sale of Irwestrients Sille of Equipinent Purchase of Equipment. Proceeds feom Flood Darnage to fruiding: Proceeds from Flood Damage to Building Net Cash Provided by investing Acthities Cash Flows from Financing Activities Payment of Short-term Note Payable Payment of Dividends: Net Cash Used by Financing Activities Net Increase in Cash Cash, damuary 1,2020 Cash. December 31, 2020 Supplemental disclosures of cash flow information: Cash Paid During the Year for interest Cash Paid During the Yeat for income Taxes Noncast investing and Financing Activities ? Purchased Equipment by tsuing Notes Payable ? Retired Notes Payable by lssuing Common Stock

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