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ICE Drilling Inc.'s balance sheet information and income statement are as follows: Additional information regarding ICE Drilling's activities during 2020 : 1. Loss on sale of equipment is $10,280. 2. Paid $69,080 to reduce a long-term note payable. 3. Equipment costing $99,000, with accumulated depreciation of $57,000, is sold for cash. 4. Equipment costing $214,680 is purchased by paying cash of $54,800 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $137,960. Other information: a. All sales are credit sales. b. All credits to accounts recelvable in the period are receipts from customers. c. Purchases of merchandise are on credit. d. All debits to accounts payable in the period result from payments for merchandise. e. The only decrease in income taxes payable is for payment of taxes. f. The other expenses are paid in advance and are initially debited to Prepaid Expenses. Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.) Required: Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)