Villa Foods International provides food and beverage services to institutional facilities like school and hospitals. At the end of 2020, the income statement and comparative balance sheet were prepared as shown below. Villa Foods International Balance Sheet As at December 31 2020 2019 Assets Current Assets Cash $354,070 $127,800 Accounts Receivable $231,900 $260,100 Food & Beverage Inventory $501,700 $456,100 Prepaid Expenses $24,100 $24,100 Total Current Assets $1,111,770 $868,100 Long-Term Assets Land $0 $23,600 Equipment $338,400 $338,400 Accumulated Depreciation $-103,700 $-99,100 Total Long-Term Assets $234,700 $262,900 Total Assets $1,346,470 $1,131,000 Liabilities Current Liabilities Accounts Payable $309,000 $325,700 Notes Payable, Current Portion $33,900 $24,500 Total Current Liabilities $342,900 $350,200 Notes Payable, Long-Term Portion $211,800 $198,500 Total Liabilities $554,700 $548,700 Shareholders' Equity Common Shares $296,000 $260,000 Retained Earnings $495,770 $322,300 Total Shareholders' Equity $791,770 $582,300 Total Liabilities and Equity $1,346,470 $1,131,000 Additional Information: During 2020, land was sold for a loss of $3,300. There was no purchase of equipment throughout the year. The company did not pay off any amount of the notes payable. Villa Foods International Income Statement For the Year Ended December 31, 2020 Revenue $2,485,000 Cost of Sales $1,491,000 Gross Profit $994,000 Operating Expenses Depreciation Expense $4,600 Other Operating Expenses $652,300 Total Operating Expenses $656,900 Income from Operations $337,100 Other Income and Expenses Loss on Sale of Land $-3,300 Income before Income Tax $333,800 Income Tax $116,830 Net Income $216,970 Create the cash flow statement using the indirect method. Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Villa Foods International Cash Flow Statement For the Year Ended December 31, 2020 Cash Flow from Operating Activities Net Income Answer Adjustments for Non-Cash Items Depreciation Answer Loss on Sale of Land Answer Change in Current Assets and Current Liabilities Decrease in Accounts Receivable Answer Increase in Food & Beverage Inventory Answer Decrease in Accounts Payable Answer Net Cash Provided (Used) by Operating Activities Answer Cash Flow from Investing Activities Sale of Land Answer Net Cash Provided (Used) by Investing Activities Answer Cash Flow from Financing Activities Proceeds from Notes Payable Answer Payment of Cash Dividend Answer Issue of Common Shares Answer Net Cash Provided (Used) by Financing Activities Answer Net Increase (Decrease) in Cash Answer Cash at the Beginning of the Year Answer Cash at the End of the Year