vo Selected financial information for Frank Corporation is presented below. Selected 2020 transactions are as follows: a. Purchased investment securities for $7,000 cash. b. Borrowed $19,000 on a two-year, 8 percent interest-bearing note. c. During 2020, sold machinery for its carrying amount; received $14,000 in cash. d. Purchased machinery for $54,000; paid $11,000 in cash and signed a four-year note payable to the dealer for $43,000. e. Declared and paid a cash dividend of $12,000 on December 31, 2020. Selected account balances at December 31, 2019 and 2020 are as follows: Cash Accounts receivable Inventory Accounts payable Accrued wages payable Income taxes payable mber 31 2020 2019 $90,000 $23,000 19,000 13,000 54,000 64,000 9,000 14,000 1,800 3,000 7,000 4,000 One-fourth of the sales and one-third of the purchases were made on credit FRANK CORPORATION Statement of Earnings For the Year Ended December 31, 2020 Sales revenue $440,000 Cost of sales 288,000 Gross profit 152,000 Expenses Salaries and wages $53,000 Depreciation 11,200 Rent (no accruals) 7,800 Interest (no accruals) 14,200 Income tax 13,800 Total expenses 100,000 Net earnings $ 52,000 Saved 1. Prepare a statement of cash flows for the year ended December 31, 2020 by using the Indirect method. (Negative answers should be Indicated by a minus sign.) Help FRANK CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities: Add (deduct) items not affecting cash: Net cash flow from operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash inflow from financing activities Cash, beginning of 2020 Cash, end of 2020