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

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 Cash $6,100 12/31/19 $7,100 51,000 Accounts receivable 62,400 Short-term debt investments (available-for-sale) 34,700 18,100 Inventory 40,400 60,300 Prepaid rent 4,900 4,000 Equipment 154,100 130,600 Accumulated depreciation-equipment (34,900) (24,800) Copyrights 46,400 49,800 Total assets $314,100 $296,100 Accounts payable $46,500 $40,200 6,000 Income taxes payable 4,000 Salaries and wages payable 8,100 4,100 Short-term loans payable 7,900 10,100 Long-term loans payable 59,600 68,400 Common stock, $10 par 100,000 Contributed capital, common stock 30,000 100,000 30,000 37,300 58,000 Retained earnings Total liabilities & stockholders' equity $314,100 $296,100 HEADLAND INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $339,800 Cost of goods sold 176,500 Gross profit 163,300 Operating expenses 120,500 Operating income 42,800 Interest expense $11,300 Gain on sale of equipment 2,000 9,300 Income before tax 33,500 Income tax expense 6,700 Net income $26,800 Additional information: 1. Dividends in the amount of $6,100 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 direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.g. (15,000).) HEADLAND INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers Net Cash Provided by Operating Activities Cash Flows from Investing Activities Net Cash Used by Investing Activities : Cash Flows from Financing Activities - Dividend Payments Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period