Comparative balance sheet accounts of Windsor Inc. are presented below.

WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020 2019 Cash $41,600 $33,600 Accounts Receivable 70,400 60,600 Inventory 30,000 24,200 Equity investments 22,100 38,200 Machinery 29,900 18,800 Buildings 67,800 56,900 Land 7,500 7,500 $269,300 $239,800 Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500 Accumulated DepreciationMachinery 5,700 2,200 Accumulated DepreciationBuildings 13,700 9,100 Accounts Payable 35,000 25,000 Accrued Payables 3,300 2,600 Long-Term Notes Payable 20,800 31,300 Common Stock, no-par 150,000 125,000 Retained Earnings 38,600 43,100 $269,300 $239,800 Additional data (ignoring taxes):

1. Net income for the year was $41,600.

2. Cash dividends declared and paid during the year were $21,100.

3. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized.

4. Equity investments (level of ownership is less than 20%) that cost $24,900 were sold during the year for $28,700. No unrealized gains and losses were recorded on these investments in 2020.

5. Machinery that cost $3,700, on which $750 of depreciation had accumulated, was sold for $2,150.

Windsors 2020 income statement follows (ignoring taxes). Sales revenue $541,900 Less: Cost of goods sold 381,900 Gross margin 160,000 Less: Operating expenses (includes $8,850 depreciation and $5,127 bad debts) 121,400 Income from operations 38,600 Other: Gain on sale of investments $3,800 Loss on sale of machinery (800 ) 3,000 Net income $41,600

(a) Compute net cash flow from operating activities using the direct method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net cash flow from operating activities $

(b) Prepare a statement of cash flows using the indirect method.