Tiffany & Co, Comparative Balance Sheet, As of December 31, 2019 and 2018

20192018

Cash1,800 1,150

Receivables1,750 1,300

Inventory1,600 1,900

Plant assets1,900 1,700

Accumulated depreciation-1,200 -1,170

Long-term investments (held-to-maturity)1,300 1,420

7,150 6,300

Accounts payable1,200 900

Accrued liabilities200 250

Bonds payable1,400 1,550

Common stock 1,900 1,700

Retained earnings2,450 1,900

7,1506,300

Tiffany & Co, Income Statement, For the Year Ended December 31, 2019

Sales revenue6,900

Cost of goods sold4,700

Gross margin2,200

Selling and administrative expense930

Income from operations1,270

Other revenues and gains

Gain on sale of investments60

Income before tax1,330

Income tax expense520

Net income810

Cash dividends260

Income retained in business $ 550

Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2019. Instructions: SHOW WORK WHERE APPROPRIATE, Part 1) Prepare statement of cash flows using the direct method (Only the operating section)

Part 2) Prepare statement of cash flows using the indirect method.