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The comparative balance sheets for Nash Corporation show the following information December 31 2020 2019 $12.900 Cash Accounts receivable Inventory Available for sale debt investments Buildings Equipment Patents $33.400 12.200 11.800 -0- -0- 45,200 5.000 $107.600 10.000 9.100 2.900 29,800 20.200 6,300 $91,200 $4,600 4,500 5.900 2.900 Allowance for doubtful accounts Accumulated depreciation-equipment Accumulated depreciation--building Accounts payable Dividends payable Notes payable, short-term (nontrade) Long-term notes payable Common stock Retained earnings $3,000 2.000 -0- 5,000 -O- 3.000 31.000 43,000 20.600 $107,600 4.900 4,000 25,000 33,000 6,400 $91,200 Additional data related to 2020 are as follows. 1. 2. 3. . 4. Equipment that had cost $11,000 and was 40% depreciated at time of disposal was sold for $2,500. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $4.900. On January 1, 2020, the building was completely destroyed by a flood, Insurance proceeds on the building were $30,000 (net of $2.100 taxes) Debt investments (available for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment. Along-term note for $16,000 was issued for the acquisition of equipment, Interest of $2,000 and income taxes of $6.400 were paid in cash. 5. 6. 7. 8. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - signes in parenthesis eg. (15,000).) NASH CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Cash Flows from Operating Activities Gain from Flood Damage