FALL 2020 ACCT 300B Homework #4 Selected financial statements' data and additional information for Gibson Company is presented below. All amounts are in thousands of U.S.$. December 31 2019 2020 Cash $50,000 $70,000 Accounts receivable (net) 68,000 35,000 Inventory.. 47,000 68,700 Prepaid rent 4,000 3,000 Debt investments 6,000 Land 68,400 35,000 Equipment..... 470,000 605,000 Accum. Depr.Equip (84.000) (124.000) TOTAL... $629.400 S692.700 Accounts payable. $34,800 $45,600 Utilities payable.... 15,200 10,400 Notes payable - short-term 57,000 29,000 Notes payable - long-term.. 108,000 122,400 Common stock 348,600 375,200 Retained earnings.. 65.800 110.100 TOTAL... $629.400 $692.700 Additional information and data for 2020: 1. Net income was $50,300. 2. Depreciation expense was $40,000. 3. Land was sold for cash at its original cost. 4. Dividends of $6,000 were paid cash. 5. Equipment was purchased for $120,600 cash. 6. A long-term note for $14,400 was acquired to part-pay for equipment purchase. 7. Common stocks were issued for cash. 8. All debt investments were liquidated at a loss of $1,500 Required: Prepare the company's statement of cash flows for the year ending December 31, 2020