Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,507 18,393 42,900 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,852 Depreciation expense-office equipment 300 Depreciation expense-Computer equipment 1,230 Wages expense 3,250 Insurance expense 505 Rent expense 2,175 Computer supplies expense 1,275 Advertising expense 530 Mileage expense 290 Repairs expense-Computer 940 Total expenses let income 25,347 $ 17,553 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 78,087 Accounts receivable 24,467 Inventory 694 Computer supplies 2,055 Prepaid insurance 1,050 Prepaid rent 765 Total current assets 107, 118 office equipment 7,800 Accumulated depreciation office equipment (600) Computer equipment 19,300 Accumulated depreciation-Computer equipment (2,460) Total assets $131, 15B Liabilities and Equity Accounts payable $ 0 Wages payable 945 Unearned computer service revenue 0 Total current liabilities 945 Equity Common stock 109,000 Retained earnings 21,213 Total liabilities and equity $131,158 $55,042 5,16B 0 560 1,575 765 63, 110 7,800 (300) 19,300 (1,230) $88,680 $ 1,110 510 2,300 3,920 77,000 7,760 $88,680 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,100 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities $ 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 0 S 0 Cash balance at December 31, 2019 Cash balance at March 31, 2020 S 0