Ivanhoe Corp. uses the direct method to prepare its statement of cash flows. Ivanhoe trial balances at December 31, 2020 and 2019, are as follows. December 31 Debits 2020 2019 Cash $35,000 $32,400 Accounts receivable 33,200 29,800 Inventory 31,000 47,200 Property, plant, & equipment 100,400 95,400 Unamortized bond discount 4,600 5,100 Cost of goods sold 248,100 376,800 Selling expenses 141,100 173,700 General and administrative expenses 136,600 152,000 Interest expense 4,300 2,700 Income tax expense 20,500 61,000 $754,800 $976,100 Credits Allowance for doubtful accounts $1,300 $1,100 Accumulated depreciation-plant assets 16,600 15,100 Accounts payable 25,200 15,600 Income taxes payable 20,900 29,100 Deferred tax liability 5,200 4,500 8% callable bonds payable 44,800 20,000 Common stock 49,500 40,000 Paid-in capital in excess of par 9,100 7,500 Retained earnings 44.600 65,200 Sales revenue 537,600 778,000 $754,800 $976,100