The comparative balance sheet of Porter Industries Inc. at December 31, 2020 and 2019, is as follows

Assets	Dec. 31, 2020	Dec. 31, 2019
Cash	$ 81,000	$ 45,000
Accounts receivable (net)	41,000	62,000
Inventories	151,450	142,000
Prepaid expenses	15,280	21,000
Land	105,000	130,000
Buildings	200,000	200,000
Accumulated depreciationbuildings	(60,000)	(40,000)
Machinery and equipment	221,000	155,000
Accumulated depreciationmachinery and equipment	(45,000)	(35,000)
Total assets	$709,730	$680,000
Liabilities and Stockholders Equity
Accounts payable	$ 47,730	$ 40,000
Bonds payable	260,000	300,000
Common stock, $1 par	200,000	160,000
Retained earnings	202,000	180,000
Total liabilities and stockholders equity	$709,730	$680,000

An examination of the income statement and the accounting records revealed the following additional information applicable to 2020:

1. Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $5,720. 2. Land was sold for cash at book value. 3. Cash dividends of $20,000 were paid. 4. Net income for 2017 was $42,000. 5. Equipment was purchased for $88,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $6,000 cash. 6. Bonds were converted at face value by issuing 40,000 shares of $1 par value common stock.

Requirement:

Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method