17. Using the data below, prepare a statement of cash flows (indirect method) for Colors Inc. for the year ended December 31, 2020: The comparative balance sheets of Colors Inc. at the beginning and end of the year 2020 are a follows: Cash Accounts Receivable Inventory Property, Plant and Equipment Accumulated Depreciation Marketable Securities Loan Receivable Total Assets Dec 31st January 1st $600,000 $320,000 332,000 300,000 4,100,000 4,100,000 500,000 450,000 (325,000) (300,000) 1,250,000 1,000,000 100,000 $6,457,000 $5,970,000 Accounts Payable Income Taxes Payable Dividends Payable Lease Liability Common Stock Capital in Excess of Par Retained Earnings Total Liabilities and Stockholders Equity $180,000 $140,000 45,000 46,000 10,000 1,300,000 1,500,000 400,000 400,000 1,500,000 1,500,000 3,032 00 2,374,000 S6,457,000 $5,970,000 Activate v Go to Setting Colors Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of Good Sold Gross Profit Depreciation Expense Administrative Expense Earnings Before Interest and Taxes Interest Expense Earnings Before Taxes Taxes Net Income $4,000,000 2,858,400 1,141,600 25,000 50,000 1,066,600 130,000 936,600 278,600 $658,000