Instant Brake Inc.'s comparative balance sheet information at December 31, 2020 and 2019, and its income statement for the year ended December 31, 2020, are as follows: Instant Brake Inc.. Income Statement December 31, 2020 Sales $889,000 Cost of goods sold 584,000 Gross profit $305,000 Operating expenses $132,800 Depreciation expense 41,360 174,160 Operating Profit 130,840 Loss on sale of equipment 8,160 Investment income 15,520 Profit before taxes Income taxes Profit 138,200 26,000 $112,200 Instant Brake Inc. Balance Sheet Information December 31 2020 2019 Net Change Cash Cash equivalents Inventory $ 56,000 $ 26,560 $ 29,440 21,280 11,200 10,0801 Accounts receivable 89,920 45,440 44,480 115,840 91,520 24,320 Investment 0 21,280 (21,280) Land 78,400 78,400 0 Building and equipment 459,360 474,880 (15,520) Accumulated depreciation 138,080 116,960 Accounts payable 10,800 39,400 Dividends payable. 2,800 1,400 21,120 (28,600) 1,400 Bonds payable 32,000 0 32,000 Preferred shares 83,200 83,200 0 Common shares 407,680 407,680 0 Retained earnings 146,240 100,640 45,600 During 2020, the following transactions occurred: 1. Purchased equipment for $20,000 cash. 2. Sold the investment on January 1, 2020, for $36,800, resulting in investment income of $15,520. 3. Sold equipment for $7,120 cash that had originally cost $35,520 and had $20,240 of accumulated depreciation. 4. Issued $32,000 of bonds payable at face value. Other information: a. All sales are credit sales. b. All credits to accounts receivable in the period are receipts from customers. c. All purchases of merchandise are on credit. d. All debits to accounts payable in the period result from payments for merchandise. e. Other operating expenses are cash expenses. f. Income taxes are cash 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.) INSTANT BRAKE INC. Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: $ 0 Cash flows from investing activities: . 0 Cash flows from financing activities: 0 $ 0