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The comparative balance sheets for Sandhill Corporation show the following information. December 31 2020 2019 Cash $33,700 $12,800 Accounts receivable 12,200 9,900 Inventory 12,000 9,100 Available for sale debt investments -0- 3,000 Buildings -0- 30,000 Equipment 44.900 19,800 Patents 5,000 6,200 $107,800 $90,800 Allowance for doubtful accounts $2,900 $4,500 Accumulated depreciation-equipment 2,100 4,500 Accumulated depreciation--building -0- 6,000 Accounts payable 5,000 3,000 -0- 5,000 Dividends payable Notes payable, short-term (nontrade) Long-term notes payable 3,100 4,000 31,000 25,000 Common stock 43,000 33,000 Retained earnings 20,700 5,800 $107,800 $90,800 Additional data related to 2020 are as follows. 1. 2. 3. 4. Equipment that had cost $11,100 and was 40% depreciated at time of disposal was sold for $2.400. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2.100 taxes). Debt investments (available-for-sale) were sold at $1.700 above their cost. The company has made similar sales and investments in the past. Cash was paid for the acquisition of equipment A long-term note for $16,000 was issued for the acquisition of equipment. Interest of $1.900 and income taxes of $6,500 were paid in cash. 5. 6. 7. 8. 8. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis e.s. (15,000).) SANDHILL CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ Loss on Sale of Equipment Loss on Sale of Equipment Gain from Flood Damage Increase in Accounts Receivable (Net) Patent Amortization > bloddon Gain on Sale of Investments Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Purchase of Equipment NOW! Proceeds from Flood Damage to Building Sale of investments Cash Flows from Financing Activities Cash Flows from Financing Activities Payment of Dividends Payment of Short-term Note Payable Net Cash Used by Financing Activities Net Increase in Cash Cash, January 1, 2020 Cash December 31, 2020 Supplemental disclosures of cash flow information: Cash Pald During the Year for Interest $ I III II II Cash Paid During the Year for Income Taxes