The comparative balance sheets for Larkspur Corporation show the following information: December 31 2020 2019 Cash $56,100 $18,700 Accounts receivable 55,500 51,600 Inventory 81,300 83,000 Buildings -0- 179,000 Equipment Investments Patents 196,000 120,000 -0- 41,700 24,900 29,800 Total assets $413,800 $523,800 Allowance for doubtful accounts $5,000 $4,500 Accumulated depreciation-building -0- 46,200 Accumulated depreciation-equipment 44,800 20,100 Accounts payable 75,500 74,200 Dividends payable 7,000 14.000 Notes navable short-term 10.000 6100 Notes payable, short-term 10,000 6,100 Long-term notes payable 50,500 262,000 Common stock 67,400 50,500 Retained earnings 153,600 46,200 Total liabilities and stockholders' equity $413,800 $523,800 Additional data related to 2020 are as follows. 1. Equipment that had cost $20,000 and was 60 % depreciated at time of disposal was sold for $2,000. 2. $16,900 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $14,000. 4. 5. On January 1, 2020, the building was completely destroyed by a hurricane. Insurance proceeds on the building were $266,300. Investments (available-for-sale) were sold at $2,800 below 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 $19.900 was issued for the acquisition of equipment. 8. Interest of $1,000 and income taxes of $23,800 were paid in cash. Prepare a statement of cash flows using the indirect method. Hurricane damage is unusual in that part of the country. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities LARKSPUR CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Patent Amortization Loss on Sale of Equipment Gain on Sale of Investments Gain from Hurricane Damage Increase in Accounts Receivable (Net) Increase in Inventory Increase in Accounts Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Investments Sale of Equipment > Proceeds from Hurricane Damage to Building Purchase of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Payment of Dividends < > Payment of Long-term Notes Payable Proceeds from Short-term Note Payable Net Cash Used by Financing Activities Net Increase in Cash Cash, January 1, 2020 Cash, December 31, 2020 > < Supplemental disclosures of cash flow information: Cash Paid During the Year for Interest Cash Paid During the Year for Income Taxes Noncash Investing and Financing Activities Retired Notes Payable by Issuing Common Stock $ 6A EA