Indirect Method - Preparing a statement of Cash Flows Range Company has the following selected data from its annual period ended December 31, 2020. Selected Data Paid cash dividend Purchase of equipment Increase in merchandise inventory Borrowed on a long-term note Acquired land as a future company site; paid in full by issuing 6,000 shares of Range capital stock, $10 par, when the market price per share was $15 Increase in prepaid expenses Decrease in accounts receivable Payment of bonds payable in full Increase in accounts payable Cash from disposal of equipment (sold at book value) Decrease in rent receivable Amount $20,000 120,000 28,000 50,000 ? 6,000 14,000 194,000 10,000 24,000 4,000 Income Statement For the Year Ended December 31, 2020 Sales revenue $800,000 Rent revenue 20,000 Cost of goods sold 380,000 Depreciation expense 40,000 Remaining expenses 194,000 Net income $206,000 Required Prepare a statement of cash flows for the Range Company for the year ended December 31, 2020, using the indirect method. The beginning-year cash balance was $124,000. C Required Prepare a statement of cash flows for the Range Company for the year ended December 31, 2020, using the indirect method. The beginning-year cash balance was $124,000. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income $ Adjustments: Depreciation expense Decrease in accounts receivable Decrease in rent receivable Increase in merchandise inventory Increase in prepaid expenses Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Cash paid for acquisition of equipment Cash received from sale of fixed assets Net cash used by investing activities Cash flows from financing activities Cash received from long-term debt issuance Cash paid on bond extinguishment Cash paid for dividends Net cash used by financing activities Net increase in cash during 2020 Cash, January 1, 2020 Cash, December 31, 2020 Noncash disclosure: Purchased a plant site by issuing capital stock $