The balance sheets for Kinder Company showed the following information. Additional information concerning transactions and events during 2020 are presented below. Using the form on the next page, prepare a statement of cash flows (using the indirect method) for 2020.

Kinder Company

Balance Sheet

December 31

2020 2019

Cash $ 40,900 $ 10,200

Accounts receivable (net) 38,300 20,300

Inventory 35,000 42,000

Long-term investments 0 15,000

Property, plant & equipment 231,500 150,000

Accumulated depreciation (37,700) (25,000)

$308,000 $212,500

Accounts payable $ 17,000 $ 26,500

Accrued liabilities 21,000 17,000

Long-term notes payable 70,000 50,000

Common stock 130,000 90,000

Retained earnings 70,000 29,000

$308,000 $212,500

Additional data:

1. Net income for the year 2020, $66,000.

2. Depreciation on plant assets for the year, $12,700.

3. Sold the long-term investments for $28,000 (assume gain or loss is ordinary).

4. Paid dividends of $25,000.

5. Purchased machinery costing $21,500, paid cash.

6. Purchased machinery and gave a $60,000 long-term note payable.

7. Paid a $40,000 long-term note payable by issuing common stock.

Kinder Company

Statement of Cash Flows