Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $24,907 18,393 43,300 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,952 Depreciation expense-Office equipment 360 Depreciation expense-Computer equipment 1,220 Wages expense 2,850 Insurance expense 485 Rent expense 1,875 Computer supplies expense 1,305 Advertising expense 540 Mileage expense 250 Repairs expense-Computer 950 Total expenses Net income 24,787 $18,513 Dec. 31, 2019 $60,112 5,368 0 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 85,847 Accounts receivable 24,367 Inventory 674 Computer supplies 2,065 Prepaid insurance 1,060 Prepaid rent 795 Total current assets 114,808 Office equipment 7,600 Accumulated depreciation Office equipment (720) Computer equipment 19,800 Accumulated depreciation-Computer equipment (2,440) Total assets $ 139,048 Liabilities and Equity Accounts payable Wages payable 875 Unearned computer service revenue Total current liabilities 875 Equity Common stock 116,000 Retained earnings 22,173 Total liabilities and equity $ 139,048 510 1,625 795 68,410 7,600 (360) 19,800 (1,220) $ 94,230 0 $ 1,180 590 2,300 4,070 82,000 8,160 $94,230 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 $4,500 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 $ 0