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 out $72,000 $185,000 $114,000 Accounts receivable 57,000 45,000 (12,000) Merchandisinventory 93,000 177,000 B4,000 Land 60,000 12,000 (48,000) Equipment 144,000 216,000 72,000 Accumulated depreciation (36,000) 772,0001 (36,000) Total acts $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 part 240,000 276,000 36,000 Retained earnings B1,000 138,000 57,000 Total labies and stockholders' equity $390,000 $S64,000 $174,000 Income Statement For Year Ended December 31, 2020 Revenues $456,000 Cost of goods sold 245,000 Depreciation 36,000 Other expenses 42,000 Loss on sale of land 30,000 Net income $102,000 0 0 Required 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 102000 Adjustments Depreciation expense Loss on sale of land Decrease in accounts receivable 0 Increase in marchandise inwentary 0 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 notissuance Issuance of bond payable 0 Issuance of common stock 0 Cash paid for dividends Net cash provided by financing activities Net increase in cash and cais equivalents during 2020 Cash and cash equivalents, January 1, 2020 $ Cash and cash equivalents, December 31, 2020 0 0 0 0 0 0 0