A comparative statement of financial position forNovakIndustries Inc. follows:

NOVAKINDUSTRIES INC. Statement of Financial Position December 31, 2020
	December 31
Assets	2020			2019
Cash	$21,200			$34,200
Accounts receivable	122,000			55,400
Inventory	225,000			194,000
Land	90,000			128,000
Equipment	263,000			203,000
Accumulated depreciationequipment	(69,200	)		(42,900	)
Total	$652,000			$571,700
Liabilities and Shareholders' Equity
Accounts payable	$53,800			$59,500
Bonds payable	168,600			209,600
Common shares	220,000			179,000
Retained earnings	209,600			123,600
Total	$652,000			$571,700

Additional information:

1.		Net income for the fiscal year ending December 31, 2020, was $147,000.
2.		Cash dividends of $61,000were declared and paid. Dividends paid are treated as financing activities.
3.		Bonds payable amounting to $41,000were retired through issuance of common shares.
4.		Land was sold at a gain of $6,000.
5.		No equipment was sold during the year.

(a) Prepare a statement of cash flows using the indirect method.(Show amounts that decrease cash flow using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

NOVAKINDUSTRIES INC. Statement of Cash Flows December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020
Net Cash Used by Operating Activities Net Cash Provided by Financing Activities Net Increase in Cash Cash Flows from Investing Activities Cash at End of year Cash Flows from Operating Activities Net Decrease in Cash Net Cash Provided by Investing Activities Net Cash Used by Financing Activities Cash Flows from Financing Activities Cash at Beginning of Year Net Cash Used by Investing Activities Net Cash Provided by Operating Activities
Increase in Accounts Payable Payment of Cash Dividends Net Income / (Loss) Decrease in Accounts Receivable Loss on Disposal of Land Purchase of Equipment Increase in Inventory Depreciation Expense Proceeds from Sale of Land Decrease in Inventory Decrease in Accounts Payable Gain on Disposal of Land Increase in Accounts Receivable				$
Adjustments to reconcile net income to net cash provided by operating activities:
Purchase of Equipment Loss on Disposal of Land Proceeds from Sale of Land Decrease in Inventory Depreciation Expense Gain on Disposal of Land Increase in Accounts Receivable Decrease in Accounts Payable Payment of Cash Dividends Net Income / (Loss) Increase in Inventory Decrease in Accounts Receivable Increase in Accounts Payable		$
Loss on Disposal of Land Decrease in Accounts Payable Gain on Disposal of Land Decrease in Inventory Depreciation Expense Purchase of Equipment Decrease in Accounts Receivable Increase in Accounts Payable Proceeds from Sale of Land Net Income / (Loss) Increase in Accounts Receivable Payment of Cash Dividends Increase in Inventory
Decrease in Accounts Payable Decrease in Inventory Proceeds from Sale of Land Gain on Disposal of Land Increase in Accounts Receivable Depreciation Expense Decrease in Accounts Receivable Loss on Disposal of Land Payment of Cash Dividends Increase in Inventory Purchase of Equipment Net Income / (Loss) Increase in Accounts Payable
Net Income / (Loss) Proceeds from Sale of Land Increase in Inventory Decrease in Inventory Loss on Disposal of Land Gain on Disposal of Land Increase in Accounts Payable Payment of Cash Dividends Increase in Accounts Receivable Depreciation Expense Purchase of Equipment Decrease in Accounts Receivable Decrease in Accounts Payable
Increase in Accounts Receivable Decrease in Inventory Loss on Disposal of Land Decrease in Accounts Receivable Proceeds from Sale of Land Increase in Accounts Payable Purchase of Equipment Increase in Inventory Net Income / (Loss) Gain on Disposal of Land Depreciation Expense Payment of Cash Dividends Decrease in Accounts Payable
Net Decrease in Cash Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Cash at Beginning of Year Cash Flows from Operating Activities Cash at End of year Net Cash Provided by Financing Activities Cash Flows from Investing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Increase in Cash Cash Flows from Financing Activities Net Cash Provided by Investing Activities
Net Cash Used by Operating Activities Net Increase in Cash Net Cash Used by Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Cash at Beginning of Year Net Cash Used by Investing Activities Cash at End of year Net Decrease in Cash Cash Flows from Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Financing Activities Net Cash Provided by Operating Activities
Increase in Accounts Payable Depreciation Expense Increase in Inventory Proceeds from Sale of Land Net Income / (Loss) Gain on Disposal of Land Increase in Accounts Receivable Decrease in Accounts Payable Payment of Cash Dividends Decrease in Inventory Decrease in Accounts Receivable Loss on Disposal of Land Purchase of Equipment
Decrease in Accounts Payable Increase in Accounts Payable Net Income / (Loss) Loss on Disposal of Land Decrease in Inventory Increase in Inventory Proceeds from Sale of Land Depreciation Expense Payment of Cash Dividends Purchase of Equipment Gain on Disposal of Land Increase in Accounts Receivable Decrease in Accounts Receivable
Net Cash Provided by Financing Activities Cash Flows from Financing Activities Net Cash Provided by Operating Activities Cash Flows from Operating Activities Cash Flows from Investing Activities Cash at Beginning of Year Net Cash Used by Financing Activities Net Cash Used by Operating Activities Net Increase in Cash Net Cash Used by Investing Activities Net Decrease in Cash Cash at End of year Net Cash Provided by Investing Activities
Net Decrease in Cash Cash Flows from Investing Activities Cash at Beginning of Year Cash at End of year Net Cash Used by Operating Activities Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Increase in Cash Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities
Decrease in Accounts Receivable Payment of Cash Dividends Loss on Disposal of Land Gain on Disposal of Land Proceeds from Sale of Land Purchase of Equipment Decrease in Inventory Net Income / (Loss) Depreciation Expense Increase in Accounts Receivable Increase in Inventory Decrease in Accounts Payable Increase in Accounts Payable
Net Cash Used by Financing Activities Cash at Beginning of Year Cash Flows from Financing Activities Net Cash Used by Investing Activities Cash at End of year Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Used by Operating Activities Net Cash Provided by Investing Activities Net Decrease in Cash Net Cash Provided by Operating Activities Net Increase in Cash Cash Flows from Investing Activities
Net Cash Used by Operating Activities Cash Flows from Operating Activities Net Decrease in Cash Cash at Beginning of Year Net Cash Used by Investing Activities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Cash at End of year Net Cash Provided by Investing Activities Net Cash Used by Financing Activities Net Cash Provided by Financing Activities Net Increase in Cash
Net Cash Provided by Investing Activities Net Decrease in Cash Net Cash Provided by Operating Activities Net Cash Used by Investing Activities Cash Flows from Investing Activities Net Cash Used by Financing Activities Net Cash Used by Operating Activities Cash at Beginning of Year Cash Flows from Operating Activities Cash Flows from Financing Activities Net Cash Provided by Financing Activities Net Increase in Cash Cash at End of year
Net Cash Used by Investing Activities Cash Flows from Financing Activities Net Decrease in Cash Net Cash Used by Financing Activities Net Cash Provided by Investing Activities Cash at Beginning of Year Net Cash Used by Operating Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Increase in Cash Net Cash Provided by Operating Activities Cash Flows from Investing Activities Cash at End of year				$