Calex Inc. reported the following comparative balance sheets. Balance Sheets Dec. 31, 2019 Dec. 31, 2020 Cash and cash equivalents $7,200 $19,350 Accounts receivable 5,400 3,600 Equipment 18,000 27,000 Accumulated depreciation (1,800) (3,600) Total assets $28,800 $46,350 Salaries payable $1,800 $3,600 Long-term notes payable 9,000 9,000 Capital stock 14,400 14,400 Retained earnings Total liabilities and stockholders' equity 3,600 19,350 $28,800 $46,350 Additional information 1. Net income for the current year was $17,550. 2. No disposals of equipment took place during the year. Prepare the statement of cash flows for Calex for the year ended December 31, 2020, using the indirect method to report cash flows from operating activities. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income Adjustments: Depreciation expense Decrease in accounts receivable Increase in salaries payable Net cash provided by operating activities Cash flows from investing activities Cash paid for acquisition of equipment Net cash used by investing activities Cash flows from financing activities Cash paid for dividends Net cash used by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 $ %24