Use the following financial statements and additional information to prepare a statement of cash flows for the year ended December 31, 2020 using the indirect method. Kris Kringle, Inc. Balance Sheets At December 31 Assets: 2020 2019 Cash $184,525 $65,200 Accounts receivable, net 52,850 56,750 Merchandise inventory 167,750 144,850 Prepaid expenses 16,080 12,680 Equipment 280,600 245,600 Accumulated depreciation-Equipment (80,600) (97,600) Accumulated depreciation-Equipment (80,600) (97,600) Total assets $621,205 $427,480 Liabilities: Accounts payable $55,270 $45,450 Income taxes payable 10,320 12,240 Notes payable (long term) 59.200 79,200 Total liabilities $124,790 $136,890 Equity: Common stock 200,000 150,000 Paid-in capital in excess of par 53,000 40,000 Retained earnings 243,415 100,590 Total equity $426,415 $290,590 Total liabilities and equity $621,205 $427,480 Kris Kringle, Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold $212,540 $488,000 6,400 (360,200) Depreciation expense 35,000 Other operating expenses 106,260 Interest expense Other gains (losses): Loss on sale of building Income before taxes Income taxes expense Net income (5.700) 122,100 30,525 $91,575 Net income Additional Information a. Cash dividends declared and paid were $55,000. b. New equipment is purchased for $150,000 cash. c. Received $49,550 cash for the sale of equipment. d. Issued new shares of stock receiving $157,000 cash. $91,575 HTML Editor BIUA A = E 12pt Paragraph