The accompanying Excel cash flow worksheet templates (a "long form" and a "short form") include the balance sheet accounts of the Jackson Company at December 31, 2019 and 2020. Presented below in summary form is Jackson Company's income statement for the year ended December 31, 2020. Additional information regarding the company is also provided. Sales..... 950,000 Cost of goods sold. 600,000 Gross profit..... 350,000 Operating expenses (including depreciation expense of $22,000).... 250,000 Income from operations.. 100,000 Other revenues and expense: Gain on sale of investments $15,000 Loss on sale of equipment (3,000). 12.000 Income before taxes 112,000 Incomes taxes 45,000 Net income 67.000 Additional information: 1. Equipment that cost $10,000 and was 60% depreciated was sold for $1,000 2. Cash dividend in the amount of $70,000 were declared and paid during 2020. 3. Land valued at $15,000 was acquired through the exchange of common stock 4. Debt investments costing $35,000 were sold for $50,000 5 Debt investments were purchased for $5,000 6. Equipment costing $32,000 was purchased 7. The principal portion of loan payments totaled $8,000 8. Additional shares of common stock were issued for $35.000 B c D E F N Dabit Credit Cash Ente Accounts receivable) twentory Date investments Buildings and comment Land 2019 51,000 122,000 61.000 85.000 193,000 25,000 537,000 2020 70,000 145,000 75,000 55,000 215.000 40.000 600.000 10 Accum. Depreciation Bid & Equip 1 Accounts payable 12 Income tax payable 12 Longterm roles payable 14. Common sick 15 Ratained oaming 15 42.000 60,000 10,000 70.000 260,000 95.000 537.000 58,000 66,000 12.000 62,000 310,000 92.000 600,000 19 19 20 Operating Activities BRON FG Instructions Log fomi template Short or emplate Read Debit Credit G wing Debit Credit 2019 51.0001 122,000 61.000 85,000 193, 0001 25.000 539,019 2020 70.000 145.000 75.000 $5.000 215.000 407009 602.020 10 DE 42,000 60,000 10.000 70.000 260.000 95.000 537.000 58.000 66.000 12.000 62.000 310000 OM 600,000 18 PA Enter your name in cell 019 Enter Your Nahe Here