Question: Live, Laugh, Love Live, Laugh, Love Inc. has given you the following information for the year ended December 31, 2020: Collection of principal on long-term loan to a supplier ......... $50,000 Purchase of equipment for cash.... 24,000 Proceeds from the sale of long-term investment at carrying amount..... 56,000 Issue of common shares for cash. 47,000 Depreciation expense... 38,000 Redemption of bonds payable at their carrying amount 66,000 Payment of cash dividends... 28,500 Net income 103,500 Purchase of land by issuing mortgage payable.. 70,000 Live, Laugh, Love Inc. has also supplied you with the following selected accounts from their Balance Sheet: Dec 31, 2020 Dec 31, 2019 Cash $ 191,800 $32,000 Accounts receivable. 49,000 42,500 Prepaid insurance. 27,000 18,000 Total current assets. $267,800 $92,500 Accounts payable Salaries payable.. Total current liabilities $72,500 10,200 $82,700 $67,000 16,400 $83,400 Instructions Using the indirect method, prepare a statement of cash flows for the year ended December 31, 2020