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, 2e2e Cost of goods sold Gross profit Operating expenses $875, ese 577, ese $298.00 $132,730 41,290 123.98 12.ee Operating Profit Loss on sale of equipment Investment income Profit before taxes Income taxes Profit 131.658 19.08 $112.650 Cash Net Change $ 23,840 7,990 se, ese 29,92e 17.790) Instant Brake Inc. Balance Sheet Information December 31 zeze 2019 $ 49,ese $ 25,150 Cash equivalents 17,780 9.see Accounts receivable 89.52e 38,440 114,440 84,52e Investment 17,780 77, ese 77, ese Building and equipment 447,89e 459, 110 Accumulated depreciation 122,ese 180,960 Accounts payable 18.00 38, Dividends payable Bonds payable 25, ese Preferred shares 81. see 81,80e Common shares 485,280 486,280 Retained earnings 139, 240 84,87e (12,aze) 21, ege (19,948) 25, eee 5 5,170 During 2020. the following transactions occurred: 1. Purchased equipment for $19,300 cash. 2 Sold the investment on January 1, 2020, for $29.800 resulting in investment income of $12.020. 3. Sold equipment for $6.770 cash that had originally cost $31,320 and had $20,200 of accumulated depreciation. 4. Issued $25,000 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 outflows as negative amounts.) INSTANT BRAKE INC. Statement of Cash Flowe For Year Ended December 31, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash inflows from operating activities