Here are the consolidated financial statements of Post Ranch Resort and its 70 percent owned subsidiary, Sandpearl, for the year ended December 31, 2020, plus supplementary information. Comparative balance sheets are provided for 2019 and 2020.

Consolidated Balance Sheets				Consolidated Income Statement
December 31	2020	2019		Sales and other income	$250,000,000
Cash	$150,000	$113,000		Cost of sales	-170,000,000
Receivables	325,000	310,000		Operating expenses	-79,800,000
Inventories	1,400,000	1,450,000		Consolidated net income	200,000
Equity method investments	200,000	192,000		Noncontrolling interest in net income	-90,000
Property, plant and equipment, net	5,000,000	4,700,000		Net income to controlling interest	$110,000
Goodwill	3,000,000	3,080,000
Total assets	$10,075,000	$9,845,000
Current liabilities	$450,000	$425,000
Long-term liabilities	8,200,000	8,120,000
Shareholders’ equity to Post Ranch	1,185,000	1,135,000
Noncontrolling interest in Sandpear	240,000	165,000
Total liabilities and equity	$10,075,000	$9,845,000

Supplementary information for 2020:

1. Sandpearl paid $50,000 in cash dividends. Post Ranch paid $60,000 in cash dividends.

2. Operating expenses include depreciation expense of $250,000 and goodwill impairment losses of $80,000.

3. Sales and other income includes $50,000 gain on sale of property, plant and equipment and $10,000 equity in net income from equity method investees. Cash dividends received from equity method investees were $2,000.

4. Accumulated depreciation balances on December 31, 2020 and 2019 were $1,200,000 and $1,100,000, respectively.

5. Property, plant and equipment of $1,000,000 was purchased for cash.

Required

Prepare Post Ranch’s consolidated statement of cash flows for 2020, in good form. Use the indirect approach to display cash from operating activities.