Problem 9-28 (Algo) Complete balance sheet and prepare a statement of changes in retained earnings LO 10, 11 Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020 and 2019: $ 12,600 HARTFORD INC. Statement of Cash Flows For the year Ended December 31, 2020 Cash Flows from Operating Activities: Net income Add (deduct) items not affecting cash: Depreciation expense Decrease in accounts receivable Increase in Inventory Increase in notes payable Decrease in accounts payable Net cash provided by operating activities Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings Net cash used by investing activities Cash Flows from Financing Activities: Proceeds from short-term debt Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock Net cash used by financing activities Net decrease in cash for the year 63,000 32,200 (9,800) 16,800 (8,400) $ 106,400 $ (70,000) (67,200) $(137,200) $ 7,000 (35,000) 14,000 (4,200) $ (18,200) $ (49,000) Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Complete the statement of changes in retained earnings for the year ended December 31, 2020. Complete the December 31, 2020 and 2019 balance sheets. 2019 $ 123,200 102,200 56,000 (172,200) HARTFORD INC. Comparative Balance Sheets At December 31, 2020 and 2019 2020 Assets: Current assets: Cash Accounts receivable Inventory 78,400 Total current assets Land Buildings and equipment 364,000 Less: Accumulated depreciation Total land, buildings and equipment Total assets Liabilities: Current liabilities: Accounts payable Short-term debt 44,800 Notes payable Total current liabilities Long-term debt $ 119,000 Stockholders' Equity: Common stock $ 56,000 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 40,600 50,400 Complete the statement of changes in retained earnings for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) HARTFORD INC. Statement of Changes in Retained Earnings For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 Retained earnings, December 31, 2020