Instructions: Using the template posted on D2L Part 1 - Prepare the Statement of Cash Flows using the Direct Method Part II - Prepare the Statement of Cash Flows using the Indirect Method 2019 S CH16 Graded Written Homework Printers Corporation Balance Sheet December 31, 2020 2020 Assets Cash S 55.000 Accounts receivable, net Inventories 20,000 Prepaids expenses 1.000 Land 130,000 Equipment 187,000 Accumulated Depreciation (14,000) S 398.000 Liabilities & Stockholders' Equity 19,000 33.000 24,000 10,000 7.000 20.000 50,000 (6,000) 138,000 $ $ 8,000 12,000 6,000 Accounts payable Operating expenses payable Income taxes payable Dividends payable Bonds payable Common stock Paid-in capital in excess of par-CS Retained earnings 130,000 10,000 68,000 164,000 398,000 4,000 20,000 3.000 2.000 20,000 8.000 33,000 48,000 138,000 $ $ $ 507,000 Printers Corporation Income Statement For the year ended December 31, 2020 Sales Cost of goods sold S 150.000 Operating expenses 111.000 Depreciation expense 12,500 Loss on sale of equipment 3.000 Interest expense 42.000 Income before incomes tax Income tax expense Net income 318.500 188.500 47.000 141,500 $ Additional facts for 2020: a. Issued $110,000 in long-term bonds in exchange for land. b. Issued common stock for cash c. All equipment transactions were for cash; purchased equipment cost $160,000