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A comparative balance sheet for Martinez Corporation is presented as follows. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2020 2019 $ 72,730 $ 22,000 83,020 67.290 181,020 190,290 72,020 111.290 261,020 201,290 (70,020) (43,290) $599,790 $548,870 $ 35,020 150,000 214,000 200.770 $599,790 $ 48,290 200,000 164,000 136,580 $548,870 Additional information: 1. Net income for 2020 was $127,040. No gains or losses were recorded in 2020, 2. Cash dividends of $62,850 were declared and paid. Bonds payable amounting to $50,000 were retired through issuance of common stock. 3. Prepare a statement of cash flows for 2020 for Martinez Corporation. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000).) MARTINEZ CORPORATION Statement of Cash Flows Adjustments to reconcile net income to Cash at Beginning of Year Cash at End of Year Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Noncash Investing and Financing Activities $ Issued common stock to retire $ of bonds outstanding Attempts: 0 of 7 used Submit Answer Save for Later

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