The balance sheet and income statement for Vespa Company are presented below.

Vespa Company Balance Sheet As at December 31
	2020	2019
Assets
Current Assets
Cash	$145,165	$78,700
Accounts Receivable	$45,100	$27,000
Merchandise Inventory	$69,200	$42,400
Total Current Assets	$259,465	$148,100
Land	$101,000	$109,000
Equipment	$103,000	$136,000
Less: Accumulated Depreciation	$-53,000	$-69,000
Total Assets	$410,465	$324,100
Liabilities and Equity
Liabilities
Current Liabilities
Accounts Payable	$39,700	$67,300
Taxes Payable	$25,500	$25,500
Total Current Liabilities	$65,200	$92,800
Bonds Payable	$134,700	$88,400
Total Liabilities	$199,900	$181,200
Shareholders' Equity
Common Shares	$75,000	$62,000
Retained Earnings	$135,565	$80,900
Total Shareholders' Equity	$210,565	$142,900
Total Liabilities and Equity	$410,465	$324,100

Notes: The company paid cash dividends during 2020.

The company did not make a bonds payable payment during 2020.

The company did not purchase any equipment during 2020.

The company did not purchase any land during 2020.

Vespa Company Income Statement For the Year Ended December 31, 2020
Sales	$417,000
Cost of Goods Sold	$271,050
Gross Profit	$145,950
Operating Expenses
Depreciation Expense	$9,000
Other Operating Expenses	$25,100
Total Operating Expenses	$34,100
Income from Operations	$111,850
Other Income and Expenses
Interest Expense	$-7,500
Loss on Sale of Equipment	$-7,600
Gain on Sale of Land	$5,200
Operating Income before Tax	$101,950
Income Tax	$30,585
Net Income (Loss)	$71,365

Prepare the cash flow statement for December 31, 2020 using the indirect method.

Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash.

Vespa Company Cash Flow Statement For the Year Ended December 31, 2020
Cash Flow from Operating Activities
Net Income
Adjustments to Reconcile Net Income to Cash
Depreciation Expense
Loss on Sale of Equipment
Gain on Sale of Land
Changes in Operating Assets and Liabilities
Increase in Accounts Receivable
Increase in Merchandise Inventory
Decrease in Accounts Payable
Change in Cash Due to Operating Activities
Cash Flow from Investing Activities
Sale of Equipment
Sale of Land
Net Cash Provided (Used) by Investing Activities
Cash Flow from Financing Activities
Proceeds from Issuance of Common Shares
Proceeds from Bonds Payable
Payment of Dividends
Net Cash Provided (Used) by Financing Activities
Net increase (decrease) in cash
Cash at the Beginning of the Year
Cash at the End of the Year