Blake Weaver, Cook Enterprises’ controller, is preparing the financial statements for 2020. He has completed the comparative balance sheets and income statement, which follow and has gathered this additional information:

• On December 31, 2020, Cook sold a piece of equipment with an original cost of $25,000 for $30,000 cash. The equipment had a book value of $13,000.
• On February 1, 2020, Cook issued $100,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year.
• On February 2, 2020. Cook took out a ten-year $75,000 long-term loan to provide the remaining funds needed to purchase the building.
• On May 15, 2020, Cook paid $150,000 for the new building.
• The company repaid $4.600 of the long-term debt before the end of the year.

Required

Using the indirect method, prepare Cook Enterprises’ statement of cash flows for 2020.

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Cook Enterprises Income Statement For the Year Ended December 31, 2020 Sales revenue $1,070,000 Gain on equipment sale 17,000 Total revenue 1,087,000 Cost of goods sold Operating expenses Depreciation expense Interest expense 700,000 $ 30,000 13,400 Wages expenses Other expenses 175,000 10,000 228,400 Income before taxes 158,600 Тах еxpense 63,400 Net income $ 95,200 Cook Enterprises Comparative Balance Sheets As of December 31 2020 2019 Cash $120,200 $40,400 Accounts receivable, net 267,200 269,800 Inventory 145,000 95,000 Total current assets 532,400 405,200 Property, plant, & equipment Accumulated depreciation 285,000 160,000 78,000 60,000 Net property, plant, & equipment 207,000 100,000 Total assets $739,400 $505,200 $146,000 $175,000 Accounts payable Taxes payable Mortgage payable 17,600 20,000 70,400 Total liabilities 234,000 195,000 Common stock 350,000 250,000 Retained earnings 155,400 60,200 Total stockholders' equity 505,400 310,200 Total liabilities & stockholders' equity $739,400 $505,200