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ICE Drilling Inc. Comparative Balance Sheet Information Cash Accounts receivable Merchandise inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Current notes payable Notes payable Common shares Retained earnings December 31 2020 $ 110,680 144,600 612, 200 12,030 357,080 76,560 189,190 21,400 210,000 449,800 289,640 2019 $ 170,640 110,160 564,600 15,000 245,400 97,560 265,040 13,000 120,200 349,000 261,000 2. Paid $70,080 to reduce a long-term note payable. 3. Equipment costing $104,000, with accumulated depreciation of $62,000, is sold for cash. 4. Equipment costing $215,680 is purchased by paying cash of $55,800 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Cash dividends were declared and paid during the year Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts.) 1. Loss on sale of equipment is $11,280. 2. Paid $70,080 to reduce a long-term note payable. 3. Equipment costing $104,000, with accumulated depreciation of $62,000, is sold for cash. 4. Equipment costing $215,680 is purchased by paying cash of $55,800 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Cash dividends were declared and paid during the year Required: Prepare a statement of cash flows for 2020 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts.) Hide Cash flows from operating activities ICE DRILLING INC. Statement of Cash Flows For Year Ended December 31, 2020