View Policies Current Attempt in Progress Condensed financial data of Monty Company for 2020 and 2019 are presented below. MONTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,780 $1,120 Receivables 1,750 1,300 Inventory 1,590 1,940 Plant assets 1,940 1,670 Accumulated depreciation (1,190) (1,140 ) Long-term investments (held-to-maturity) 1,300 1,400 $7,170 $6,290 Accounts payable $1,220 $880 Accrued liabilities 190 250 Bonds payable 1,380 1,570 Common stock 1,920 1,730 MacBook Pro Common stock Retained earnings MONTY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 1.920 1.730 2,460 1.860 $7,170 $6,290 Sales revenue $7,040 Cost of goods sold 4,800 Gross margin 2,240 Selling and administrative expenses 910 Income from operations 1,330 Other revenues and gains Gain on sale of investments 80 Income before tax 1,410 Income tax expense 550 Net income 860 Cash dividends 260 Question 5 of 23 wwww Cash dividends 260 Income retained in business $600 -/25 Additional information: During the year, $120 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 indirect method. (Show amounts that decrease cash flow with either a sign eg.-15,000 or in parenthesis eg. (15,000)) Adjustments to reconcile net income to MONTY COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to (Indirect Method) eTextbook and Media Save for Later Attempts: 0 of 3 used Submit