Andrews AG, a greeting card company, had the following statements prepared as of December 31, 2019.

Additional information:
1. Dividends in the amount of ‚¬6,000 were declared and paid during 2019.
2. Depreciation expense and amortization expense are included in operating expenses.
3. No unrealized gains or losses have occurred on the investments during the year.
4. Equipment that had a cost of ‚¬30,000 and was 70% depreciated was sold during 2019.
Instructions
Prepare a statement of cash flows using the direct method.

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Andrews AG COMPARATIVE STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2019 AND 2018 12/31/19 12/31/18 Equipment €154,000 €130,000 Accumulated depr.-equipment (35,000) (25,000) Copyrights 46,000 50,000 Inventory 40,000 60,000 Short-term investments ding) 35,000 18,000 on- Prepaid rent 5,000 4,000 62,000 Accounts receivable 49,000 Cash 6,000 9,000 Total assets €313,000 €295,000 Share capital-ordinary, €10 par €100,000 €100,000 Share premium-ordinary 30,000 30,000 Retained earnings 36,000 57,000 Long-term loans payable 60,000 67,000 Accounts payable 46,000 42,000 Income taxes payable 4,000 6,000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8,000 10,000 Total equity and liabilities €313,000 €295,000 Andrews AG INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2019 Sales revenue €338,150 Cost of goods sold 175,000 Gross margin 163,150 Operating expenses 120,000 Operating income 43,150 Interest expens €11,400 Gain on sale of equipment 2,000 9,400 Income before tax 33,750 Income tax expense 6,750 Net income € 27,000