ICE Drilling Inc.s balance sheet information and income statement are as follows:

ICE Drilling Inc.
Income Statement
For Year Ended December 31, 2020
Sales				$	1,113,000
Cost of goods sold					567,000
Gross profit				$	546,000
Operating expenses:
Depreciation expense	$	49,000
Other expenses		307,160
Total operating expenses					356,160
Profit from operations				$	189,840
Loss on sale of equipment					12,880
Profit before taxes				$	176,960
Income taxes					28,560
Profit				$	148,400

ICE Drilling Inc.
Comparative Balance Sheet Information
	December 31
	2020			2019
Cash	$	127,680		$	178,640
Accounts receivable		152,600			118,160
Merchandise inventory		620,200			572,600
Prepaid expenses		12,110			21,000
Equipment		358,680			253,400
Accumulated depreciation		84,560			105,560
Accounts payable		191,870			248,640
Current notes payable		29,400			21,000
Notes payable		210,000			121,800
Common shares		457,800			357,000
Retained earnings		297,640			289,800

Additional information regarding ICE Drillings activities during 2020:

Loss on sale of equipment is $12,880.

Paid $71,680 to reduce a long-term note payable.

Equipment costing $112,000, with accumulated depreciation of $70,000, is sold for cash.

Equipment costing $217,280 is purchased by paying cash of $57,400 and signing a long-term note payable for the balance.

Borrowed $8,400 by signing a short-term note payable.

Issued 10,080 common shares for cash at $10 per share.

Declared and paid cash dividends of $140,560.

Other information:

All sales are credit sales.

All credits to accounts receivable in the period are receipts from customers.

Purchases of merchandise are on credit.

All debits to accounts payable in the period result from payments for merchandise.

The only decrease in income taxes payable is for payment of taxes.

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.)