Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,807 18,293 43,100 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income $15,052 380 1,210 2,850 545 2,075 1,245 590 310 940 25,197 $17,903 Dec. 31, 2019 $53,302 5,568 560 1,645 745 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 79,227 Accounts receivable 24,367 Inventory 664 Computer supplies 2,095 Prepaid insurance 1,100 Prepaid rent 745 Total current assets 108,198 Office equipment 7,500 Accumulated depreciation-office equipment (760) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,420) Total assets $132, 018 Liabilities and Equity Accounts payable Wages payable 955 Unearned computer service revenue Total current liabilities 955 Equity Common stock 110,000 Retained earnings 21,063 Total liabilities and equity $132,018 61,820 7,500 (380) 19,500 (1,210) $87,230 $ 1,120 550 1,800 3,470 76,000 7,760 $87,230 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 $34,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4.600 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 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2019 Cash balance at March 31, 2020