Consultex Company was founded in 2017 as a small financial consulting business. The company had done reasonably well in 2017- 2019, but noticed that its cash was beginning to dwindle early in 2020. In January 2020. Consultex had paid $19,300 to purchase land and repaid $2.650 principal on an existing promissory note. In March 2020, the company paid $2,550 cash in dividends and $1,000 to repurchase Consultex shares that had previously been issued for $1,000. To Improve Its cash position, Consultex borrowed $7,200 by signing a new promissory note in May 2020 and also issued shares to a new private Investor for $12,500 cash. Comparative balance sheets and income statements for the most recent fiscal year are presented below. Assets Cash Accounts Receivable Prepaid Rent Land CONSULTEX COMPANY Balance Sheet October 31 2020 2019 $12,640 $16,550 17,550 14,050 3,800 4,350 31,400 12,100 $65,390 $47,050 Total Assets Liabilities and Shareholders' Equity Wages Payable Income Taxes Payable Notes Payable (long-term) Contributed Capital Retained Earnings Total Liabilities and Shareholders' Equity $ 350 $5,100 3,400 21,500 3,400 16,950 24,000 12,500 16,140 9,100 $65,390 $47,050 Sales Revenue Wages Expense Rent Expense CONSULTEX COMPANY Income Statement For the Year Ended October 31 2020 2019 $235,000 $242,500 145,700 145,500 Other Operating Expenses Income before Income Tax Expense Income Tax Expense Net Income 40,500 34,500 35,100 21,500 13,700 41,000 4,110 12,300 $ 9,590 $28,700 Required: 1. Prepare a properly formatted statement of cash flows for Consultex for the year ended October 31, 2020 (using the Indirect method). (Amounts to be deducted should be indicated by a minus sign.) CONSULTEX COMPANY Statement of Cash Flows For the Year Ended October 31, 2020 Cash flows from operating activities Changes in current assets and current liabilities 0 Cash flows from investing activities 0 Cash flows from financing activities