Prepare a statement of cash flows using the indirect method.

The following are the financial statements of Blossom Company. BLOSSOM COMPANY Balance Sheet December 31 Assets 2021 2020 Cash $36,480 $19,200 Accounts receivable 28,800 13,440 Inventory 25,920 19,200 Equipment 57,600 74,880 Accumulated depreciation-equipment (27,840) (23,040) Total $120,960 $103,680 Liabilities and Shareholders' Equity Accounts payable $23,040 $14,400 Income taxes payable 6,720 7,680 Notes payable 25,920 31,680 Common shares 17,280 13,440 Retained earnings 48,000 36,480 Total $120,960 $ 103,680 BLOSSOM COMPANY Income Statement For the Year Ended December 31, 2021 Sales $232,320 Cost of goods sold 168,000 Gross profit 64,320 Operating expenses 23,040 Income from operations 41,280 Interest expense 2,880 Income before income taxes 38,400 Income tax expense 7,680 Profit $30,720 Additional Information: 1. Dividends declared and paid were $19,200. Blossom reports under ASPE. 2. During the year, equipment was sold for $8,160 cash. This equipment cost $17,280 originally and had a carrying value of $8,160 at the time of sale. 3. All depreciation expense, $13,920, is in the operating expenses. 4. All sales and purchases are on account