As at December 31 Cash Accounts receivable Inventories Prepaid insurance Equipment Accumulated depreciationequipment Total assets 2020 $20,500 34,000 20,000 2,500 102,000 (22,500) $156,500 2019 $12,500 25,500 30,000 2,000 90,000 (12,500) $147,500 Accounts payable Wages payable Interest payable Income taxes payable Long-term debt Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity $23,000 4,000 2.000 4,000 30,000 0 65,000 28,500 $156,500 $20,000 2,000 3,000 5,000 34,500 350 64,650 18,000 $147,500 Additional information: . Net income for the fiscal year was $13,500. Equipment that cost $10,000 and was sold for a gain of $1,000 during 2020. The equipment's accumulated depreciation was $7,000. New debt amounting to 10,000 was incurred during the year. Conversion of bonds payable to common shares for $350. . Conversion of bonds payable to common shares for $350. Required: A. Prepare a statement of cash flows in good form using the indirect method (10 points). B. Discuss briefly your results (2 points)