Condensed financial data of Culver Company for 2020 and 2019 are presented below.

CULVER COMPANY
COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2020 AND 2019
2020 2019
Cash $1,830 $1,160
Receivables 1,750 1,270
Inventory 1,580 1,860
Plant assets 1,900 1,690
Accumulated depreciation (1,190 ) (1,150 )
Long-term investments (held-to-maturity) 1,280 1,400
$7,150 $6,230
Accounts payable $1,220 $920
Accrued liabilities 210 250
Bonds payable 1,410 1,520
Common stock 1,910 1,730
Retained earnings 2,400 1,810
$7,150 $6,230

CULVER COMPANY
INCOME STATEMENT
THE YEAR ENDED DECEMBER 31, 2020
Sales revenue $6,930
Cost of goods sold 4,670
Gross margin 2,260
Selling and administrative expenses 940
Income from operations 1,320
Other revenues and gains Gain on sale of investments 80
Income before tax 1,400
Income tax expense 550
Net income 850
dividends 260
Income retained in business $590

Additional information: During the year, $70 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 direct method.

The answer is attached                                                      

Explanation:

As the income tax expense is given but payable of income tax is not identified therefore differential impact taken in cash paid to suppliers.

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.