Jacobson Manufacturing Corporation earned $84,000 in profit during 2020. Machinery was sold for $116,000 and a $24,000 loss on the sale was recorded. Machinery purchases totalled $330,000 including a July purchase for which an $80,000 promissory note was issued. Bonds were retired at their face value, and the issuance of new common shares produced an infusion of cash. Jacobson?s comparative balance sheets were as follows:

1. What was Jacobson?s depreciation expense in 2020?

2. What was the amount of cash flow from operating activities?

3. What was the amount of cash flow from investing activities?

4. What was the amount of dividends declared? paid?

5. By what amount would you expect the total inflows of cash to differ from the total outflows of cash?

6. What was the amount of cash flow from financing activities?

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Jacobson Manufacturing Corporation Comparative Balance Sheet Information (in thousands) December 31 Assets 2020 2019 $ 104 2$ Cash. 84 Accounts receivable. 196 222 Merchandise inventory. 324 310 Machinery. 1,350 1,260 Accumulated depreciation (210) $1,666 (190) $1,784 Total assets. Liabilities and Equlty Accounts payable. $ 238 $ 286 Notes payable. 272 210 Dividends payable. 32 20 Bonds payable. 228 320 Common shares 700 560 Retained earnings. 314 270 Total liabilities and equity. $1,784 $1,666