Limit Label Corporation's recent comparative balance sheet and income statement, along with additional infor- mation follow Balance Sheets, December 31 2019 2020 Income Statement, For Year ended December 31 2020 $ 15,000 30,000 (1,500) 10,000 2,400 80,000 (20,000) 40,100 $156,000 $ 31,000 28,500 (2,000) 15,000 1,400 81,000 (16,000) 81,100 $220,000 Assets Cash and cash equivalents Accounts receivable Allowance for doubtful accounts. Inventory.... Prepaid insurance. Fixed assets. Accumulated depreciation Land Total assets... Liabilities and Stockholders' Equity Accounts payable. Salaries payable. Interest payable Notes payable, long-term Common stock, no-par. Retained earnings Total liabilities and stockholders' equity Sales revenue. Cost of goods sold Depreciation expense. Bad debt expense. Insurance expense. Interest expense. Salaries expense Income tax expense Other expenses, including loss on sale of fixed assets Net income $80,000 (35,000) (5,000) (1,000) (1,000) (2,000) (12,000) (3,000) (15,000 $ 6,000 $ 10,000 2,000 $ 11,000 1,000 1,000 46,000 136,000 25,000 20,000 100,000 24,000 $156,000 $220,000 Additional information 1. Wrote off $500 accounts receivable as uncollectible. 2. Sold a fixed asset for $4,000 cash (cost, $15,000; accumulated depreciation, $9,000). 3. Issued common stock for $5,000 cash. 4. Declared and paid a cash dividend, $5,000. 5. Purchased land, $20,000 cash. 6. Acquired land for $21,000 and issued common stock as payment in full. 7. Acquired assets, cost $16,000; issued a $16,000, three-year, interest-bearing note payable. 8. Paid a $10,000 long-term note installment by issuing common stock to the creditor. 9. Borrowed cash on long-term note, $20,000. Required Prepare a statement of cash flows using the indirect method to report cash flows from operating activities