The comparative balance sheets for Monty Corporation show the following information. December 31 Cash Accounts receivable Inventory Available-for-sale debt investments Buildings Equipment Patents 2020 $33,100 12,300 11,900 -0- -0- 45,300 5,100 $107,700 2019 $13,000 10,100 8,900 3,100 29,500 19,800 6,300 $90,700 $2,900 $4,500 2,000 4,500 -0- 6,000 5,100 3,100 -0- 4,900 3,000 4,000 31,000 25,000 43,000 33,000 20,700 5,700 $107,700 $90,700 Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation-building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings 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 $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $4,900. 4. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,200 (net of $1,900 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 $1,900 and income taxes of $6,500 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 reconcile net income to MONTY CORPORATION Statement of Cash Flows $ $ > > > > > > 11 11 101 5 5 > > Cash, January 1, 2020 Cash, December 31, 2020 Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities Save for later LA $ Attempts: 0 of 3 used Submit Answe Depreciation Expense Proceeds from Flood Damage to Building Gain from Flood Damage Net Income Gain on Sale of Equipment Decrease in Accounts Payable Increase in Accounts Receivable (Net) Decrease in Accounts Receivable (Net) Cash Paid During the Year for Interest Cash Paid During the Year for Income Taxes Payment of Short-term Note Payable Decrease in Inventory Sale of Equipment Loss on Sale of Equipment Patent Amortization Loss from Flood Damage Gain on Sale of Investments Payment of Dividends Increase in Inventory Increase in Accounts Payable Retired Notes Payable by Issuing Common Stock Sale of Investments Purchase of Equipment Purchased Equipment by Issuing Notes Payable Loss on Sale of Investments 1: $ $ $ $ Attempts: 0 of 3 used Submit