Use the balance sheet and income statement on the backside of this page to calculate cash flows for operating, investing, and financing activities. Be sure to indicate if the cash flow is an inflow or outflow. Calculate operating activities using both the direct and indirect method. For the direct method. summarize the cash flows similar to the method used in class For example: Cash received from customers $ Cash paid for inventory $ Net cash flow from operating activities $ Use a similar method to summarize investing activities and financing activities. When you have calculated all cash flows, fill in the blanks at the bottom of the backside of this page. Attach your work to this page showing how cash flows were calculated. NO WORK - NO CREDIT. Additional information: 1. The company declared and paid a cash dividend this year. 2. Bonds were repaid during the year in the amount of $5,950. 3. Equipment was sold this year for $1,190. The equipment had an original cost of $2,210 and had $680 in accumulated depreciation on the date of sale. 4. Long-term investments were sold during the year. These investments had a cost of $850 when purchased several years ago. 5. The subsidiaries did not repay any outstanding loans during the year. 6. The company did not repurchase any of its own stock during the year. I attest with my signature below that the attached comprehensive problem represents only my own work. I received no assistance from any other person, nor did I assist any other person on this assignment. Date Signature ACCT2020-03 Spring 2020 2018 Comparative Balance Sheet 2019 Assets Current assets: Cash $1,037 Accounts receivable 12,070 Inventory 14 416 Prepaid expenses 170 Total current assets 27,693 $680 9.010 14,620 24,395 44 200 Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment 53,890 13.770 40.120 12 835 31,365 1,020 Long-term investments Loans to subsidiaries (notes receivable) Total assets 3.638 1.870 2,890 80,520 $72.471 Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued abilities Income taxes payable Total current liabilities $16,490 1,105 1.615 19.210 $11,390 1,394 1.360 14,144 13,940 33,150 10 200 24,344 Bonds payable Total liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 29.580 9.741 39.321 $72.471 28,050 8,128 36.176 $60,520 Income Statement 2019 Sales $34,000 Cost of goods sold 22.100 Gross margin 11,900 Selling and administrative expenses 8.330 Net operating income 3,570 Nonoperating items: Gain on sale of investments 1,020 Loss on sale of equipment (340) Income before taxes 4.250 Income tax expense 1,360 Net income $2,890 4 ) Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activities Total net cash flows