Question 28 iew Policies Current Attempt in Progress Condensed financial data of Pharoah Company for 2020 and 2019 are presented below. PHAROAH COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash Receivables Inventory Plant assets $1,760 $1,130 1,740 1,270 1.640 1,880 1,890 1,700 (1.280) (1,150) 1.280 1,400 $7,030 $6.230 Accumulated depreciation Long-term investments (held-to-maturity) Accounts payable $920 $1,200 190 Accrued liabilities 260 Bonds payable 1,380 1.520 Common stock 1.870 1.660 Retained earnings 2,390 $7,030 1,870 $6,230 PHAROAH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,970 Cost of goods sold 4.780 Gross margin 2,190 Selling and administrative expenses 930 Income from operations 1,260 Other revenues and gains Gain on sale of investments Income before tax 1.330 Income tax expense 550 Net income 780 Cash dividends 260 Income retained in business $520 Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis eg. (15,000)) PHAROAH COMPANY Statement of Cash Flows (Indirect Method) Adjustments to reconcile net income to - - W Save for Later Attempts: 0 of 1 use