Novak Inc., a greeting card company, had the following statements prepared as of December 31, 2020.

NOVAK INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
		12/31/20			12/31/19
Cash		$5,900			$6,900
Accounts receivable		61,400			50,800
Short-term debt investments (available-for-sale)		35,000			17,800
Inventory		40,000			59,400
Prepaid rent		5,000			3,900
Equipment		155,200			129,000
Accumulated depreciationequipment		(35,000	)		(25,000	)
Copyrights		45,600			49,900
Total assets		$313,100			$292,700
Accounts payable		$46,300			$39,800
Income taxes payable		3,900			6,100
Salaries and wages payable		7,900			3,900
Short-term loans payable		8,000			10,100
Long-term loans payable		60,100			68,400
Common stock, $10 par		100,000			100,000
Contributed capital, common stock		30,000			30,000
Retained earnings		56,900			34,400
Total liabilities & stockholders equity		$313,100			$292,700

NOVAK INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue				$338,600
Cost of goods sold				174,500
Gross profit				164,100
Operating expenses				119,100
Operating income				45,000
Interest expense		$11,400
Gain on sale of equipment		1,900		9,500
Income before tax				35,500
Income tax expense				7,100
Net income				$28,400

Additional information:

1.		Dividends in the amount of $5,900 were declared and paid during 2020.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020.

Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

NOTE THAT THE JOURNAL ENTRY TITLES MAY BE INCORRECT, HOWEVER PLEASE NOTE THE NUMBER OF ENTRIES FOR EACH ONE. YOU SHOULD NOT EXCEED THE AMOUNT OF BOXES GIVEN.

For the Year Ended December 31, 2020 Cash Flows from Operating Activities Cash Received from Customers Cash Payments for Income Taxes Cash Payments for Operating Expenses Cash Payments to Suppliers Cash Payments for Interest Cash Flows from Operating Activities Cash Flows from Investing Activities Purchase of Investments Purchase of Equipment Sale of Equipment Net Cash Used by Investing Activities Cash Flows from Financing Activities Principal Payment on Long-term Loan Dividend Payments Principal Payment on Short-term Loan Net Cash Used by Financing Activities Net Decrease in Cash Cash at Beginning of Period Cash at End of Period