Lion Merchandising Inc. is a company specializing in selling merchandises across different categories. Analysis of the 2020 financial statements of Lion Merchandising Inc. provides following information: a. Net income for 2020 was $1,000,000. b. Inventory levels increased by $120,000 during 2020. c. Accounts payable to suppliers of merchandise decreased by $30,000 during 2020. d. The company sold a piece of land, which had a cost of $500,000. The land was sold in 2020 for $700,000 cash, resulting in a gain of $200,000. e. Dividends of $100,000 were declared in November 2020, to be paid in January 2021. f. Dividends of $150,000, declared in November 2019, were paid in February 2020. g. Depreciation expense for 2020 amounted to $90,000. Based on the information provided above, prepare the cash flows from operating activities section of the statement of cash flows using the indirect method for the year 2020.