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37. Prepare a statement of Cash Flows, Indirect Method. Glenbrook Company's most recent balance sheet, Income statement, and other important Information for 2020 are presented as follows. Glenbrook Company Balance Sheet December 31, 2020 and December 31, 2019 2020 2019 5 139.000 75,000 113,000 9.000 5185,000 66.000 116,000 4.000 761.000 (225,000 125 000 5907.000 705,000 (188,000) 74.000 5962.000 Current assets Cash Accounts receivable Merchandise inventory Prepaid expenses Noncurrent assets Property, plant, and equipment Accumulated depreciation Long-term investments Total assets Liabilities and owners equity Current liabilities Accounts payable Income tax payable Noncurrent liabilities Bonds payable Owners'equity Common stock Retained earnings Total liabilities and owner'equity $ 84,000 28.000 $ 68,000 34,000 54,000 38,000 437.000 5907.000 394.000 492.000 340,000 5962.000 Glenbrook Company Income Statement for the Year Ended December 31, 2020 Sales Cost of goods sold Gross margin Operating expenses Depreciation expense Operating income Interest expense Loss on sale of equipment Income before taves Income tax expende Net income 5640,000 300,000 $340,000 180,000 47.000 5113,000 5,000 2.000 5106100 40,000 $ 66,000 Additional data for 2020 are as follows: . Sold equipment with a book value of $30,000 (-910,000 cost - $10,000 accumulate depreciation) for $28,000 cash Purchased equipment for $96,000 cash . There were no sales of long-term investments (Hint: Salve for the purchase of long-term investments.) Issued bonds for $16,000 cash Repurchase common stock (treasury shares) for $15,000 cash Declared and paid $12,000 in cash dividends Required: 1. Use the four steps described in the chapter to prepare a statement of cash flows for the year ended December 31, 2020, using the Indirect method. Refer to the format presented in Figure 6.7 Statement of Cash Flows (Home Store, Inc.) 2. Brietly describe the major changes in cash Identified in the statement of cash flows

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