Bike Winner Company was started several years ago by two down hill bike racing enthusiasts. The company's comparative balance sheets and income statement along with additional information are provided below. 2020 2019 Balance sheet at December 31 Cash Accounts Receivable Equipment Less Accumulated Depreciation $ 6,500 500 5.700 (1.500) $4,000 1,750 5.000 (1,250) $9,500 14223 $11,000 $ $ Accounts Payable Hoges Payable Long-Term Blank Loan Payable Contributed Capital Retained Earnings 300 200 1,500 5,000 3.500 1,000 750 500 5.000 2,25e $11.000 $ 5,500 Income Statement for 2020 Lessons Revenue Hages Expense Depreciation Expense Loss on Disposal of Equipment Income Tax Expense $37.500 35,000 500 $50 200 et Income $1,250 Additional Data a. Company bought new equipment for $2,000 cash and sold existing equipment for $500 cash. The equipment that was sold was purchased for $1.300 and had Accumulated Depreciation of $250 at the time of sale. b. Borrowed $1,000 cash from the bank during the year Required: Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method