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Condensed financial data of Tamarisk Corp. for 2020 and 2019 are presented below. TAMARISK CORR...

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Accounting

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Condensed financial data of Tamarisk Corp. for 2020 and 2019 are presented below. TAMARISK CORR INCOME STATEMENT FOR THE VEAR ENDED DECEMBER 31, 2020 \begin{tabular}{lr} \hline Sales & $14,690 \\ \hline Cost of goods sold & 10,000 \\ \cline { 2 } Gross margin & 4,690 \\ \hline Selling and administrative expenses & 1,160 \\ \cline { 2 } Income from operations & 3,530 \\ \hline Other revenues and gains & \\ \hline Loss on sale of investments & 50 \\ \hline Income before tax & 3,480 \\ \hline Income tax expense & 1,440 \\ \hline Net income & 2,040 \\ \hline Cash dividends & 620 \\ \hline Income retained in business & $1,420 \\ \hline \end{tabular} Additional information: During the year, $100 of common stock was issued in exchange for land. No plant assets were sold in 2020. Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000). TAMARISK CORP. Statement of Cash Flows (Direct Method) ; 5

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