Comparative statement of financial position

As at December 31

2020 2019

Cash $20,500 $12,500

Accounts receivable $34,000 $25,500

Inventories $20,000 $30,000

Prepaid Insurance $2500 $2000

Equipment $102,000 $90,000

Accumulated depreciation -equipment ($22,500) ($12,500)

Total assets $ 156,500 $147,500

Accounts payable $23,000 $20,000

Wages payable $4000 $2000

Interest payable $2000 $3000

Income taxes payable$4000 $5000

Long term note payable $30,000 $34,500

Common shares $65,000 $65000

Retained earnings $28,500 $18,000

Total liabilities & share holders equity $156,500 $147,500

Additional info.

Net income for the fiscal year was $13,500

Equipment that cost $10,000 and was sold for a gain of $1000 during 2020.the equipments accumulated Depreciation was $7000

Required:

Prepare the statement of cash flows using the indirect format.