Headland Inc., a greeting card company, had the following statements prepared as of December 31, 2020.

HEADLAND INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
		12/31/20			12/31/19
Cash		$6,100			$6,900
Accounts receivable		61,900			50,500
Short-term debt investments (available-for-sale)		34,800			18,200
Inventory		39,900			59,800
Prepaid rent		4,900			4,000
Equipment		155,500			131,200
Accumulated depreciationequipment		(34,800	)		(25,300	)
Copyrights		45,700			50,200
Total assets		$314,000			$295,500
Accounts payable		$46,200			$39,700
Income taxes payable		4,000			6,100
Salaries and wages payable		7,900			4,000
Short-term loans payable		7,900			10,000
Long-term loans payable		59,800			68,600
Common stock, $10 par		100,000			100,000
Contributed capital, common stock		30,000			30,000
Retained earnings		58,200			37,100
Total liabilities & stockholders equity		$314,000			$295,500

HEADLAND INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue				$335,575
Cost of goods sold				173,200
Gross profit				162,375
Operating expenses				119,100
Operating income				43,275
Interest expense		$11,400
Gain on sale of equipment		2,000		9,400
Income before tax				33,875
Income tax expense				6,775
Net income				$27,100

Additional information:

1.		Dividends in the amount of $6,000 were declared and paid during 2020.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020.

Prepare a statement of cash flows using the indirect method

Cash Flows from Operating Activities > 27100 Net Income Adjustments to reconcile net income to Net Cash Used by Operating Activities 23570 45001 D. -2000 Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash Increase in Accounts Payable -114001 19900 -9001 6500 Decrease in Income Taxes Payable -21001 Increase in Salaries and Wages Payable 3900 Cash Flows from Investing Activities Sale of Equipment -44400 X Purchase of Equipment 8030 Purchase of Investments -16600 Net Cash Used by Investing Activities -52970