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: 5883,000 569,000 $316,000 Instant Orake Inc. Income Statement December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit $132.650 41.210 17,860 140,140 13,230 20,020 146,30 19.000 5127,990 Niet Change $ 17,440 17,550 56,450 36, 320 25,750) Instant Brake Inc. Balance Sheet Information December 31 2020 2019 Cash $ 41,000 5 23,560 Cash equivalents 25,780 8.200 Accounts receivable 86,920 30,440 Inventory 112,340 76,520 Investment 25.780 tand 75,400 35.400 Building and equipment 415,110 435,130 Accumulated depreciation 113,050 89,960 Accounts payable 10.680 36,400 Dividends payable 2,200 1,100 Bonds payable 17,000 Preferred shares 50,200 50.200 Common shares 404,60 4.60 Retained carnings 133,240 62,490 (20.020 21.090 (25.720) 900 17,000 65.750 Suomi Instant Brake Inc. Balance Sheet Information December 31 2020 2019 Cash $ 41,000 5 23,560 Cash equivalents 25,780 8,200 Accounts receivable 36,920 30,440 Inventory 112,840 76,520 Investment 25,780 Land 75.400 75,400 Building and equipment 415, 110 435, 130 Accumulated depreciation 111,050 89.960 Accounts payable 10,650 36,400 Dividends payable 2,200 1.30 Bonds payable 17,00 Preferred shares 30,200 80,200 Common shares 104,650 404.680 Retained earnings 131,240 62,690 et Change $ 17,440 17,580 56,480 36.320 25,780) (20.020) 21,00 (25,720) 900 17,000 68,750 During 2020. the following transactions occurred 1. Purchased equipment for $20.900 cash 2 Sold the investment on January 1, 2020, for $45.800, resulting in investment income of $20,020 3. Sold equipment for 57570 cash that had originally cost $40,920 and had $20,120 of accumulated depreciation 4. Issued $17000 of bonds payable at face value Required: 1. How much cash was paid in dividends? Dividends paid 2. Prepare a statement of cash flows for Instant Brake for the year ended December 31, 2020, using the indirect method (List any deduction in cash and cash outfiows as negative amounts.) INSTANT BRAKE INC Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities Adjustments to reconcile profit to net cash inflows from operating activities Cash flows from investing activities Cash flows from financing activities Statement of Cash Flows For Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities 7 Cash flows from investing activities: Cash flows from financing activities