Indirect Method - Preparing a Statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Balance Sheet, December 31 2019 2020 Difference Cash and cash equivalents $72,000 $186,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandise inventory 93,000 177,000 84,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) (72,000) (36,000) Total assets $390,000 $564,000 $174,000 Accounts payable $ 48,000 $ 54,000 $ 6,000 Notes payable, long-term 21,000 6,000 (15,000) Bonds payable 90,000 90,000 Common stock (no-par) 240,000 276,000 36,000 Retained earnings 81,000 138,000 57,000 Total liabilities and stockholders' equity $390,000 $564,000 $174,000 Income Statement For Year Ended December 31, 2020 Revenues $456,000 Cost of goods sold 246,000 Depreciation 36,000 Other expenses 42,000 Loss on sale of land 30,000 Net income $102,000 Prepare the statement of cash flows for Kidman Corp. for the year ended December 31, 2020, using the indirect method. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income $ Adjustments Depreciation expense Loss on sale of land Decrease in accounts receivable Increase in merchandise inventory Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Sale of land Purchase of equipment Net cash used by investing activities Cash flows from financing activities Payment on long-term note issuance Issuance of bond payable Issuance of common stock Cash paid for dividends Net cash provided by financing activities Net increase in cash and cash equivalents during 2020 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 $