Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020. WINDSOR INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 Cash $6,100 Accounts receivable 62.400 Short-term debt investments (available-for-sale) 34.700 Inventory 40,400 Prepaid rent 4,900 Equipment 154,100 Accumulated depreciation equipment (34.900) Copyrights 46,400 Total assets $314,100 12/31/19 $7.100 51.000 18.100 60,300 4,000 130,600 (24.800) 49,800 $296,100 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity $46,500 4,000 8,100 7.900 59,600 100,000 30,000 58,000 $314,100 $40.200 6,000 4,100 10.100 68.400 100,000 30,000 37,300 $296,100 WINDSOR INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses 120,500 Operating income 42,800 Interest expense $11,300 Gain on sale of equipment 2.000 9,300 Income before tax 33,500 Income tax expense 6,700 Net income $26,800 Additional information: 1. 2. Dividends in the amount of $6,100 were declared and paid during 2020, Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. 3. 4. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or In parenthesis es. (15,000).) WINDSOR INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ >