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Question 2 Total 25 Marks A comparative balance sheet for the Benny Corporation is presented below: BENNY CORPORATION Balance Sheet as of Dec 31, 2020 2020 2019 Assets Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation Total Assets $ 37,000 $ 31,000 80,000 60,000 22,000 17,000 18,000 40,000 70,000 60,000 (20.000) (13,000) $207.000 $195.000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity Additional information: $ 12,000 $ 6,000 27,000 19,000 140,000 115,000 28,000 55,000 $207.000 $195.000 1. Net loss for 2020 is $12,000. Net sales for 2020 are $250,000 2. Cash dividends of $15,000 were declared and paid in 2020, 3. Land was sold for $20,000 cash at a loss of $2,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $12,000 of bonds were retired during the year at carrying (book) value. The company also issued $20,000 new bonds during the year. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000 Required: 1. Prepare a statement of cash flows for the year ended 2020 using the Indirect method. 2. Compute the following cash-based ratios: a. Current cash debt coverage