Question III (25 Points) Answer the following question using the income statement and partial balance sheet of Brooks Inc. for the year 2020. Balance Sheet 2019/12/31 2020/12/31 Assets Current Assets: Cash and cash equivalents Accounts Receivable, net Inventory Prepaid Expenses 30,600 45,000 23,000 10,000 22,850 47,500 24,500 9,000 Noncurrent Assets Liabilities and Equity Current Liabilities: Accounts Payable Tax Payable 37,000 2,000 38,000 4,000 Noncurrent Liabilities Long-term notes payable 95,000 93,000 Stockholders' Equity Retained Earnings 32,000 26,250 Income Statement For the year ended Decem 2020 100,000 Net Sales Expenses Cost of Goods Sold Various Operating Expenses Depreciation Expense Interest Expense Income Tax Expense (60,000) (17,000) (5,000) (13,000) (8,000) (103,000) (2,000) (5,000) Total Loss on sale of Equipment Net Income Brooks Inc. also provides the following information: 1. During the year, the company bought equipment for $9,000 cash. In the meantime, the company sold an old equipment with net book value of $4,000. The cash was received. 2. The company paid back principal on the long-term note payable with cash. No new debt was issued during 2020. 3. Cash dividends were paid to stockholders. No shares were repurchased. Question (1). Prepare the section for cash flows from operations using the indirect method. Show your work for full credits. Answers with no work (i.e. with only final numbers) will not be given full credits (16 points). Question (2). Prepare the section for cash flows from investing activities. Show your work for full credit. Answers with no work (i.e. with only final numbers) will not be given full credits (4 points). 1 Question (3). Prepare the section for cash flows from financing activities. Show your work for full credit. Answers with no work (i.e. with only final numbers) will not be given full credits (5 points)