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: $881,800 578,eee $311, eee Instant Brake 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 $132,660 41,220 173,880 137, 120 12,670 19,520 143,97 18,eee $125,970 Net Change $ 18, 248 16,888 55,689 35,520 25, 280) Instant Brake Inc. Balance Sheet Information December 31 2e2e 2019 Cash $ 42,000 $ 23,760 Cash equivalents 25,280 8,480 Accounts receivable 87,120 31,440 Inventory 113,040 77,520 Investment 25,280 Land 75,600 75,600 Building and equipment 417,820 437, 340 Accumulated depreciation 112,050 90,960 Accounts payable 11,290 36,6ee Dividends payable 2.ee 1, 2ee Bonds payable 18, eee @ Preferred shares 88,400 80, 4ee Common shares 484,880 484,888 Retained earnings 132, 240 65, 30e (19,520) 21,090 (25, 312) 80 18, cee 66, 948 During 2020, the following transactions occurred: 1. Purchased equipment for $20,800 cash. 2 Sold the Investment on January 1, 2020, for $44,800, resulting in Investment Income of $19,520. 3. Sold equipment for $7,520 cash that had originally cost $40,320 and had $20,130 of accumulated depreciation. 4. Issued $18,000 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 Flows For Year Ended December 31, 2020 Cash flows from operating activities Adjustments to reconcile proft to net cash inflows from operating activities 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