Palindrome Corp has prepared the following comparative balance sheet statements for 2019 and 2020: 2020 2019 Cash 569,000 244,000 Accounts Receivable 427,000 316,000 Inventory 272,000 299,000 Prepaid Expenses 55,000 64,000 Plant Assets 2,830,000 2,508,000 Accumulated Depreciation (960,000) (852,000) Patent 103,000 122,000 3,296,000 2,701,000 Accounts Payable 248,000 267,000 Accrued Liabilities 101,000 79,000 Loan Payable 100,000 500,000 Preferred Stock 358,000 58,000 Additional Paid-in Capital - Preferred 112,000 12,000 Common Stock 1,164,000 1,164,000 Retained Earnings 1,213,000 621,000 3,296,000 2,701,000 The Accumulated Depreciation account has been credited only for the depreciation expense for the period. The Retained Earnings account has been charged for dividends of $210,000 and credited for the net income for the year. The income statement for 2020 is as follows: Sales Revenue 2,451,000 Cost of Sales 934,000 Gross Profit 1,517,000 Operating Expenses 715,000 Net Income 802,000

a) From the information above, prepare a statement of cash flows [indirect method] for Palindrome for year ended December 31, 2020.

b) From the information above, prepare a schedule of cash flows provided by operating activities using the direct method