Lock & Key Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information.

Lock & Key Inc.

Income StatementFor Year Ended December 31, 2020(000s)

Revenues:

Sales $3,360

Cost of goods sold 2,760

Gross Profit 600

Expenses:

Other expenses $600

Depreciation expense 240

Total expenses 840

Loss $240

Lock & Key Inc.

Post-Closing Trial Balance(000s)

December 31

Account 2020 2019

Cash $2,760$1,320

Receivables 2,1501,500

Merchandise inventory 2,1002,430

Property, plant and equipment 3,7804,020

Accumulated depreciation 1,5001,440

Accounts payable 1,5001,140

Accrued liabilities 240360

Bonds payable 2,2102,400

Common shares 3,1441,410

Retained earnings 2,1962,520

Other information regarding Lock & Key Inc. and its activities during 2020:

1.Assume all accounts have normal balances.

2.Cash dividends were declared and paid during the year.

3.Equipment was sold for cash equal to its book value.

Required:Using the information provided, make a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows and loss as negative amounts. Enter amounts in thousands, not in dollar.)