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The following financial information is obtained regarding Stallion Company: 12/31/20 12/31/19 Current Assets: Cash210,00046,000 Accounts Receivable (net)160,00090.000 Merchandise Inventory120,000150,000 Prepaid Expenses7,0002,000 Supplies3,0004,000 Non-Current Assets: Land100,000-0-

The following financial information is obtained regarding Stallion Company:

12/31/2012/31/19

Current Assets:

Cash210,00046,000

Accounts Receivable (net)160,00090.000

Merchandise Inventory120,000150,000

Prepaid Expenses7,0002,000

Supplies3,0004,000

Non-Current Assets:

Land100,000-0-

Plant Assets200,000200,000

Accumulated Depreciation(60,000)(40,000)

Total Assets740,000452,000

Current Liabilities:

Accounts Payable15,00033,000

Accrued Liabilities35,0009,000

Non-current Liabilities:

Notes Payable100,00020,000

Total Liabilities:150,00062,000

Common Stock ($1 Par Value)210,000140,000

Common Stock-APIC50,00010,000

Retained Earnings330,000240,000

Total Stockholders' Equity590,000390,000

Additional Data:

A) 2020 Net Income was $160,000

B) Land was acquired by taking out a Notes Payable for $90,000 and paying Cash for thebalance.

C) All Common Stock was issued for Cash.

REQUIRED:

Prepare the Statement of Cash Flow for Stallion Company under the Indirect Method.

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