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Pronghorn Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020: PRONGHORN INC. Comparative Statement of Financial Position December 31 Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Goodwill Total assets Accounts payable 2020 $45,700 57,970 39,940 5,210 165,200 (35,210 ) 16,000 $294,810 $46,200 2019 $25,050 51,110 60,100 4,010 130,030 (25,010 ) 54,000 $299,290 $40,030 Accounts payable Income tax payable Salaries and wages payable Short-term loans payable Long-term loans payable Common shares. Retained earnings Total liabilities and shareholders' equity $46,200 3,940 8,050 7,970 56,000 130,000 42,650 $294,810 $40,030 6,100 4,050 10,110 73,000 130,000 36,000 299,290 PRONGHORN INC. Income Statement Year Ending December 31, 2020 Sales revenue Cost of goods sold Gross margin Operating expenses Operating income Interest expense Impairment loss-goodwill Gain on disposal of equipment Income before income tax Income tax expense Net income $11,500 38,000 (2,200 ) $346,075 165,000 181,075 120,000 61,075 47,300 13,775 4,125 $9,650 Additional information: 1. Dividends on common shares in the amount of $3,000 were declared and paid during 2020. Dividends paid are treated as financing activities. Depreciation expense is included in operating expenses, as is salaries and wages expense of $69,500. 3. Equipment with a cost of $22,000 that was 70% depreciated was sold during 2020. 2. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Pronghorn Inc. Statement of Cash Flows (Indirect Method) V Adjustments to reconcile net income/loss to net cash provided by operating activities: $ $ Adjustments to reconcile net income/loss to net cash provided by operating activities: > ILL