2. SportsNet Corporations recent comparative balance sheet and income statement follow:

Balance Sheets, December 31	2019	2020
Assets
Cash	$ 51,200	$102,400
Accounts receivable	179,200	166,400
Allowance for doubtful accounts	(19,200)	(16,000)
Other receivables (nontrade)	9,600	6,400
Inventory	96,000	102,400
Equipment	256,000	246,400
Accumulated depreciation	(19,200)	(16,000)
Intangibles, net	176,000	169,600
Total assets	$729,600	$761,600
Liabilities and Stockholders' Equity
Accounts payable	$160,000	$192,000
Income taxes payable	224,000	160,000
Interest payable	6,400	3,200
Bonds payable	102,400
Discount on bonds payable	(6,400)
Common stock, no-par	224,000	256,000
Retained earnings	19,200	150,400
Total liabilities and stockholders' equity	$729,600	$761,600

Income Statement For Year Ended December 31	2020
Sales revenue	$960,000
Cost of goods sold	(256,000)
Depreciation expense	(144,000)
Patent amortization	(6,400)
Other expenses	(140,800)
Interest expense	(9,600)
Income tax expense	(208,000)
Net income	$195,200

Additional information

1. $64,000 of dividends was declared and paid in 2020.

2. Equipment costing $211,200, with a book value of $64,000, was sold at book value. New equipment also was purchased; common stock was issued in partial payment, $32,000.

3. Bonds were retired at book value; $ 1,600 of bond discount was amortized in 2020.

Please prepare the cash flow statement in proper form using the indirect method