Here are comparative balance sheets for Velo Company. Velo Company Comparative Balance Sheets December 31 Assets 2020 2019

Cash $ 72,800 $ 32,900

Accounts receivable 86,400 70,700

Inventory 169,700 187,400

Land 73,400 101,400

Equipment 260,900 199,500

Accumulated depreciationequipment ( 66,000 ) ( 34,100 )

Total $ 597,200 $ 557,800

Liabilities and Stockholders

Equity Accounts payable $ 35,400 $ 47,000

Bonds payable 148,800 203,700

Common stock ($1 par) 214,500 174,800

Retained earnings 198,500 132,300

Total $ 597,200 $ 557,800

Additional information: 1. Net income for 2020 was $ 101,600. 2. Cash dividends of $ 35,400 were declared and paid. 3. Bonds payable amounting to $ 54,900 were redeemed for cash $ 54,900. 4. Common stock was issued for $ 39,700 cash. 5. No equipment was sold during 2020, but land was sold at cost.

Prepare a statement of cash flows for 2020 using the indirect method

Velo Company Statement of Cash Flows