Preparing a Cash Flow Statement-Indirect Method Sketchers Corporation's recent comparative balance sheet and income statement follow. Balance Sheets. December 31 2019 2020 Assets Cash and cash equivalents $35,200 $149,600 Accounts receivable (net) 44,000 79,200 Inventory 88,000 105,600 Investment, long-term 17,600 Plant assets 264.000 413,600 Accumulated depreciation (44,000) (61,600) Total assets $404,800 $686,400 Liabilities and Stockholders' Equity Accounts payable $26,400 $44.000 Notes payable, short-term (nontrade) 35,200 26,400 Notes payable, long-term 88,000 158,400 Common stock, no-par 220,000 352.000 Retained earnings 35.200 105.600 Total liabilities and stockholders' equity $404,800 $636,400 Income Statement, For Year Ended December 31 2020 Sales revenue 51,320,000 Cost of goods sold (792,000) Gross margin 528,000 Depreciation expense (17,600) Other operating expenses (281,600) Net income $228,800 Additional Information 1. Sold the long-term investment at cost, for cash. 2. Declared and paid a cash dividend of $61,600. 3. Purchased plant assets that cost $149,600; gave a $105,600 long-term note payable and paid $44,000 cash. 4. Paid a $35,200 long-term note payable by issuing common stock market value, $35,200. 5. Issued a stock dividend, $96,800. Required Prepare the statement of cash flows for Sketchers Corporation for the year ended December 31, 2020, assuming the indirect method in presenting cash flows from operating activities. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income $ Adjustments: + Increase in accounts receivable.net Increase in inventory Increase in accounts payable Net cash provided (used) by operating activities Cash flows from investing activities Sale of long-term investment Net cash provided (used) by investing activities Cash flows from financing activities Cash paid for dividends Net cash provided (used) by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 $ Noncash Disclosure Exchanged plant assets for long-term note $ Issuance of common stock for long-term note payment $