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Exercise 23-12 Condensed financial data of Ivanhoe Company for 2020 and 2019 are presented below. 2019 IVANHOE COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 Cash $1,770 Receivables 1,790 Inventory 1,610 Plant assets 1,910 Accumulated depreciation (1,200 ) Long-term investments (held-to-maturity) 1,300 $7,180 $1,170 1,320 1,940 1,680 (1,190 ) 1,420 $6,340 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,210 200 1,370 1,880 2,520 $7,180 $910 240 1,560 1,740 1,890 $6,340 IVANHOE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax $7,010 4,730 2,280 930 1,350 80 1,430 540 Income tax expense Net income 890 Cash dividends 260 Income retained in business $630 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE COMPANY Statement of Cash Flows For the Year Ended December 31, 2020 (Direct Method) Cash Flows from Financing Activities Cash Receipts from Customers 890 Cash Paid for Merchandise Cash Paid for Selling/Administrative Expenses Cash Paid for Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Payable Issuance of Capital Stock Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities Issuance of Common Stock for Plant Assets $ Click you would like to Show Work for this question: Open Show Work