Total liabilities and stockholders' equity $565.000 $628,000 Required Prepare a statement of cash tows for the year ended December 31, 2020, using the indirect method to present cash flows from operating activities The following statement of cash flows was incorrectly prepared by Astion. The correctly reported income statement also follows. Problem 5-63 Correcting a Poorly Prepared Statement of Cash Flows LO2 Statement of Cash Flows For Year Ended December 31, 2020 Cash received from operations Net income Depreciation expense Amortization of patent Decrease in accounts receivable balance Increase in inventory balance Increase in wagos payable balance. Machinery, old (sold at book value on credit) Long-term note given for land purchased Total funds received Cash spent Retirement of mortgage Cash dividends Machinery (new) Acquired land, issued capital stock in full payment (6,000 shares, par $5) Invested in capital stock of Costner Corporation (classified as noncurrent) Increase in cash balance Total funds spent $102,000 40,000 9,000 5.000 (10.000) 4,000 7,000 29,000 $186.000 $ 60.000 20.000 50.000 36.000 10,000 10,000 $186.000 Go to next page "Market price is $5 per share Income Statement For Year Ended December 31, 2020 Sales revenue $320,000 Cost of goods sold 120.000 Depreciation expense. 40.000 Amortization of patent 9.000 Salaries and wages 11,000 38.000 Remaining expenses (all cash) $102,000 Net income Required Restate the statement of cash flow in correct for using proper titles and subtotals. Use the indirect method to en cash flows from operating activities, and assume that cash at the beginning of the period was $28.000