Bramble Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020:

BRAMBLE INC.

Comparative Statement of Financial Position

December 31

2020 2019

Cash

$49,755 $25,120

Accounts receivable

57,980 51,130

Inventory

40,170 60,180

Prepaid rent

5,050 4,040

Equipment

159,740 130,120

Accumulated depreciationequipment

(35,050 ) (25,040 )

Goodwill

34,000 66,000

Total assets

$311,645 $311,550

Accounts payable

$46,240 $40,120

Income tax payable

4,170 6,180

Salaries and wages payable

8,120 4,120

Shortterm loans payable

7,980 10,130

Longterm loans payable

74,000 85,000

Common shares

130,000 130,000

Retained earnings

41,135 36,000

Total liabilities and shareholders equity

$311,645

311,550

BRAMBLE INC.

Income Statement

Year Ending December 31, 2020

Sales revenue

$340,705

Cost of goods sold

165,000

Gross margin

175,705

Operating expenses

120,000

Operating income

55,705

Interest expense

$12,000

Impairment lossgoodwill

32,000

Gain on disposal of equipment

(2,100 ) 41,900

Income before income tax

13,805

Income tax expense

4,170

Net income

$9,635

Additional information:

1. Dividends on common shares in the amount of $4,500 were declared and paid during 2020. Dividends paid are treated as financing activities.

2. Depreciation expense is included in operating expenses, as is salaries and wages expense of $74,000.

3. Equipment with a cost of $32,000 that was 70% depreciated was sold during 2020.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)