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McKillop Corporation, a private corporation following ASPE, prepared the following income statement and comparative balance sheet for the year ended December 31, 2020 MCKILLOP CORPORATION Comparative Balance Sheet December 31, 2020 Assets 2020 2019 Cash . $ 74,700 $ 35,000 Accounts receivable 104,000 67,000 Inventory ...... 100,000 112,000 Prepaid expenses. 32,000 36,000 Long-term investments 81,000 66,000 Property, plant, and equipment. 235,000 175,000 Accumulated depreciation (65,000) (60.000) Total $561.700 $431,000 Liabilities and Shareholders' Equity Accounts payable $ 93 000 Income taxes payable $ 75,000 Bonds payable.. 29,000 24,000 Common shares 135,000 160,000 Retained earnings 240,000 91,000 Total 64.700 81,000 $561.700 $431.000MCKILLOP CORPORATION Income Statement Year Ended December 31, 2020 Sales. $500,000 Expenses Cost of goods sold $295,000 Operating expenses 65.000 Depreciation expense 17.000 Interest expense. 18.000 Loss on sale of equipment. 3.000 398.000 Income before income tax .. 102.000 Income tax expense. 15,300 Profit $ 86 700Additional information regarding the 2020 fiscal year. 1. New equipment costing $85,000 was purchased for cash. 2. Old equipment costing $25,000 was sold for $10,000 cash when the carrying amount (n book value) was $13,000. 3. Bonds were originally issued at face value. Bonds with a face value of $25,000 we converted into $25,000 of common shares during the year. 4. Cash dividends were declared and paid during the year. Instructions: Prepare a Cash Flow Statement for the year ended December 31, 2020 using the indirect method