Selected financial statement information and additional data for Shaheen Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020.

December 31

2019 2020

Cash........................................................ $42,000 $60,000

Accounts receivable (net)........................ 84,000 144,200

Inventory.................................................. 168,000 206,600

Land......................................................... 58,800 26,000

Equipment............................................... 504,000 789,600

TOTAL......................................... $856,800 $1,226,400

Accumulated depreciation....................... $84,000 $110,600

Accounts payable.................................... 50,400 91,000

Notes payable - short-term...................... 67,200 29,400

Notes payable - long-term....................... 168,000 302,400

Common stock......................................... 420,000 487,200

Retained earnings................................... 67,200 205,800

TOTAL......................................... $856,800 $1,226,400

Additional data for 2020:

1. Net income was $230,200;

2. Land was sold at its original cost;

3. Dividends of $91,600 were paid.

4. Equipment was purchased for $84,000 cash.

5. A long-term note for $201,600 was used to pay for an equipment purchase.

6. Common stock was issued to pay a $67,200 long-term note payable.