Prepare a statement of cashflows for the year ended March 31, 2021, using the indirect method.

The Income Statement, Additional Data, and the Balance Sheet of ABC Corporation is as follows: Income Statement Year ended, March 31, 2021 $645,000 Sales revenue Cost of goods sold Wages expense Rent expense Depreciation expense Interest expense. Income tax expense $371,000 107,000 28,000 22,000 11,000 20,000 559,000 Net income $86,000 Additional Data is as follows: a. Acquisition/purchase of plant assets for cash totaled $ 120,000. b. Receipts from issuance of bonds in cash was $ 14,000. c. Proceeds from the issuance of common stock for cash totaled $ 43,000. d. Payment of cash dividends was $ 28,000 Balance Sheet As at March 31, 2021 Mar 31, 2021 Mar 31, 2020 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $46,000 52,000 142,000 14,000 254,000 $33,000 60,000 116,000 10,000 219,000 Long term assets Plant assets Accumulated depreciation 420,000 -127,000 293,000 300,000 -105,000 195,000 Total assets $547,000 $414,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable Salaries payable Income tax payable $29,000 14,000 7,000 50,000 $17,000 7,000 8,000 32,000 Long term liabilities Bonds payable Common stock Retained earnings 72,000 295,000 130,000 497,000 58,000 252,000 72,000 382,000 Total liabilities and stockholders' equity $547,000 $414,000