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

PINA INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019
		12/31/20			12/31/19
Cash		$6,000			$7,100
Accounts receivable		62,000			50,700
Short-term debt investments (available-for-sale)		35,300			17,900
Inventory		40,400			59,600
Prepaid rent		5,100			3,900
Equipment		153,300			131,200
Accumulated depreciationequipment		(35,300	)		(25,100	)
Copyrights		46,000			50,000
Total assets		$312,800			$295,300
Accounts payable		$46,200			$39,700
Income taxes payable		3,900			6,100
Salaries and wages payable		7,900			4,000
Short-term loans payable		8,000			10,100
Long-term loans payable		59,900			68,300
Common stock, $10 par		100,000			100,000
Contributed capital, common stock		30,000			30,000
Retained earnings		56,900			37,100
Total liabilities & stockholders equity		$312,800			$295,300

PINA INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020
Sales revenue				$334,625
Cost of goods sold				174,300
Gross profit				160,325
Operating expenses				118,900
Operating income				41,425
Interest expense		$11,300
Gain on sale of equipment		2,000		9,300
Income before tax				32,125
Income tax expense				6,425
Net income				$25,700

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 $19,800 and was 70% depreciated was sold during 2020.

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

PINA INC. Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flow From Operating Activities 25,700 Net Income Adjustments to reconcile net income to S > > > > >