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The comparative balance sheets of Monty Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment
The comparative balance sheets of Monty Inc. at the beginning and the end of the year 2020 are as follows. Assets Cash Accounts receivable Equipment Less: Accumulated Depreciation-Equipment Total Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings MONTY INC. BALANCE SHEETS Total Dec. 31, 2020 $ 47,100 95,620 43,620 21,620 $164,720 $ 24,620 102,100 38,000 $164,720 Jan. 1, 2020 $15,100 90,520 24,520 11,000 $119,140 $17,520 82,520 19,100 $119,140 Inc./Dec. $32,000 Inc. 5,100 Inc. 19,100 Inc. 10,620 Inc. 7,100 Inc. 19,580 Inc. 18,900 Inc. Net income of $48,620 was reported, and dividends of $29,720 were paid in 2020. New equipment was purchased and none was sold. Prepare a statement of cash flows for the year 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
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