Green Mountain Apothecary reported net income of $360,000 for 2020 and paid cash dividends of $90,000 for fiscal year 2019 on February 2, 2020. Dividends of $80,000 have been declared on October 31, 2020 and not yet paid for 2020. The comparative balance sheet (see second page) has been provided to you for examination along with the following supplemental information:

a. Equipment with an original cost of $60,000, with a carrying value of $35,000, was sold for $40,000 in cash.

b. During 2019, GMCR loaned $300,000 to Chase Company, an unrelated company. Chase has made the first semi-annual principal payment of $30,000, plus interest of 10% on October 12, 2020.

Required: Prepare a Statement of Cash Flows using the indirect method.