December 31 Assets 2020 2019 Cash $ 21,000 $ 34,000 Accounts receivable 114,000 54,000 Inventory 220,000 189,000 Land 71,000 110,000 Equipment 240,000 200,000 Accumulated depreciation-equipment (69,000) (42,000) Total $597,000 $545,000 Liabilities and Shareholders' Equity Accounts payable $ 52,000 $ 59,000 Long term liabilities 25,000 0 Bonds payable 125.000 200.000 Common shares 204,000 164,000 Retained earnings 191,000 122,000 Total $597,000 $545,000 Additional information: 1. Net income for the fiscal year ending December 31, 2020, was $129,000. 2. Cash dividends were declared and paid in the year. 3. Bonds payable amounting to $75,000 were paid off. 4. Additional issuance of common shares for cash occurred in the year. 5. Land was sold for cash at a gain of $5,000. This gain on sale of the land is listed on the income statement. 6. Equipment was purchased during the year. It was purchased with $25,000 Long term liabilities and the remaining was paid with cash. 7. Depreciation Expense during 2020 was $27,000. Required: Prepare a statement of cash flows for 2020 using the indirect method