Case Study Part 5 The balance sheet and income statement for Grindstone Paving are presented below :` Grindstone Paving Balance Sheet December 31 , 2020 2020 2019 Assets Cash $54 , 160 $10, 000 Accounts Receivable $17 , 000 $12 , 000 Inventory $33 , 000 $37 , 000 Total Current Assets $104 , 160 $59, 000 Land $70 , 000 $100, 000 Property, Plant & Equipment $170 , 000 $150, 000 Less Accumulated Depreciation -$ 28 , 600 -$25, 000 Total Assets $315, 560 $284, 000 Liabilities Accounts Payable $25 , 000| $33 , 000 Notes Payable - Current Portion $12 , 000 $12 , 000 Current Liabilities $37 , 000 $45 , 000 Notes Payable - Long-Term Portion $90, 000 $60, 000 Total Liabilities $127, 000 $105, 000 Stockholders' Equity Common Stock $15 , 000 $15 , 000 Retained Earnings $173 , 560 $164 , 000 Stockholders' Equity $188, 560 $179, 000 Liabilities + Stockholders' Equity $315, 560| $ 284, 000 Grindstone Paving Income Statement For the year ended December 31 , 2018Sales COGS $131, 000 Gross Profit $89, 000 Operating expenses $42, 000 Insurance Expense Rent Expense $1 , 400 $6 , 600 Salaries Expense 56 , 800 Telephone Expense $900 Interest Expense $1 , 900 Depreciation Expense $3 , 500 Operating Profit Before Tax $20, 800| Income Tax Expense $6 , 240 Net Profit ( Loss ) $14 , 560 Required :` Prepare the cash flow statement for December 31 , 2020 using the indirect method . Grindstone Paving Cash Flow Statement For the year ending December 31 , 2020