Preparing a Cash Flow Statement-Indirect Method Exon Corporation's recent comparative balance sheet and income statement follow. Balance Sheets, December 31 2020 2019 Assets Cash $49,000 $53,000 Cash equivalents $10,000 $7,000 Accounts receivable (net) 34,000 24,000 Plant assets 277,000 247,000 Accumulated depreciation (178,000) (167,000) Total assets $192,000 $164,000 Liabilities and Stockholders' Equity Bonds payable $49,000 $46,000 Dividends payable 8,000 5,000 Common stock, $1 par 22,000 19,000 Additional paid-in capital 9,000 3,000 Retained earnings 104,000 91,000 Total liabilities andstockholders' equity $192,000 $164,000 Income Statement, For Year Ended December 31 2020 Sales revenue $155,000 Cost of goods sold (107,000) Gross margin 48,000 Depreciation expense (33,000) Gain on sale of equipment 13,000 Net income $28,000 Additional information 1. During 2020, equipment costing $40,000 was sold for cash. 2. During 2020, $20,000 of bonds payable was issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required Prepare the statement of cash flows for Exon Corporation for the year ended December 31, 2020, assuming the indirect method in reporting cash flows from operating activities. $ 28,000 33,000 13,000 x (10,000) 38,000 Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments: Depreciation expense Gain on sale of equipment Increase in accounts receivable, net Net cash provided (used) by operating activities Cash flows from investing activities Proceeds from sale of equipment Purchases of property, plant, and equipment Net cash provided (used) by investing activities Cash flows from financing activities Payment on bonds payable Proceeds from stock issuance Cash paid for dividends Net cash provided (used) by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 Noncash Disclosure Purchases of property, plant, and equipment 31,000 (50,000) (19,000) (20,000) x 9,000 (12,000) (23,000) X (4,000) * 53,000 X 49,000 x $ X 20,000