Current Attempt in Progress Cullumber Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows: CULLUMBER COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020 ($000 OMITTED) Sales revenue $3.760 Expenses Cost of goods sold $1,220 Salaries and benefits 710 70 Heat, light, and power Depreciation 80 Property taxes 20 Patent amortization 20 Miscellaneous expenses 10 Question 3 of 8 Interest 30 2,160 Income before income taxes 1,600 Income taxes 800 Net income 800 Retained earnings-Jan. 1, 2020 330 1,130 Stock dividend declared and issued 620 Retained earnings-Dec. 31, 2020 $510 CULLUMBER COMPANY COMPARATIVE BALANCE SHEETS AS OF DECEMBER 31 ($000 OMITTED) Assets 2020 2019 Current assets Cash $333 $120 ($000 OMITTED) Assets 2020 2019 Current assets Cash $333 $120 U.S. Treasury notes (available-for-sale) 10 50 Accounts receivable 780 510 Inventory 700 560 Total current assets 1,823 1,240 Long-term assets w Land 150 70 Buildings and equipment 920 620 Accumulated depreciation-buildings and equipment (210) (130 Patents (less amortization) 120 140 Total long-term assets 980 700 Total assets $2,803 $1,940 Liabilities and Stockholders' Equity Current liabilities Accounts payable $393 $340 Income taxes payable 40 30 Notes payable 330 330 Total current liabilities 763 700 Long-term notes payable-due 2022 190 190 953 890 Total liabilities Stockholders' equity Common stock 1,340 720 Retained earnings 510 330 Total stockholders' equity 1,850 1,050 Total liabilities and stockholders' equity $2,803 $1,940 CULLUMBER COMPANY Statement of Cash Flows ($000 Omitted) $ > $ I >> 4