The following are the financial statements of Skysong, Inc.. Skysong, Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $37,900 $20,300 Accounts receivable 32,200 18,800 Inventory 30,600 20,500 Equipment 59,400 77,100 Accumulated depreciation equipment (29,300) (23,200) Total $130,800 $113,500 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $28,300 $16,600 7,200 8,500 27,500 33,900 18,500 14,700 49,300 39,800 $130,800 $113,500 Skysong, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $241,200 Cost of goods sold 175,900 Gross profit 65,300 Operating expenses 23,000 Income from operations 42,300 Interest expense 4,000 Income before income taxes 38,300 Income tax expense 7,200 Net income $31,100 Additional data: 1. Dividends declared and paid were $21,600. 2. During the year, equipment was sold for $9,600 cash. This equipment cost $17,700 originally and had a book value of $9,600 at the time of sale. 3. All depreciation expense, $14,200, is in the operating expenses. 4. All sales and purchases are on account. 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).) Skysong, Inc. Statement of Cash Flows For the Year Ended December 31, 2020 A Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Compute free cash flow. Free cash flow $