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 $10.880. 2. Paid $69,680 to reduce a long-term note payable. 3. Equipment costing $102,000, with accumulated depreciation of $60,000, is sold for cash. 4. Equipment costing $215,280 is purchased by paying cash of $55,400 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 $138,560. 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 inllows and outhows from operating activities. (List any deduction in cash and cash outllows os negotive omounts.) ICE DRILLING INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities