Comparative balance sheet accounts of Meckling Company are presented below. Meckling Company Comparative Balance Sheet Accounts As of December 31 Debit Balances 2021 2020 Cash $80,000 $51,000 Accounts Receivable 135,000 122,000 Merchandise Inventory 75,000 61,000 Investments (Available-for-sale) 55,000 85,000 PPE 215,000 193,000 Land 40,000 25,000 Totals $600.000 $537.000 Credit Balances Accumulated DepreciationPPE 58,000 42,000 Accounts Payable 70,000 60,000 Income Taxes Payable 12,000 10,000 Long-Term Notes Payable 62,000 70,000 Common Stock 310,000 260,000 Retained Earnings 88,000 95,000 Totals $600.000 $537.000 Additional data: 1. Equipment that cost $10,000 and was 40% depreciated was sold in 2021. 2. Cash dividends were declared and paid during the year. 3. Common stock was issued in exchange for land. 4. Investments that cost $35,000 were sold during the year. Meckling's 2021 income statement is as follows. Sales $950,000 Less: Cost of goods sold 600,000 Gross profit 350,000 Less: Operating expenses (includes dep. exp.) 250,000 Income from operations 100,000 Other revenues and expenses Gain on sale of investments $15,000 Loss on sale of equipment (3,000) 12,000 Income before taxes 112,000 Income taxes 45,000 Net income $67.000 Required: (1) Prepare a statement of cash flows using the indirect method. (2) Prepare the operating activities section of the statement of cash flows using the direct method