The comparative balance sheets for Ivanhoe Corporation show the following information. December 31 2020 2019 Cash $33,100 $12,900 Accounts receivable 12,300 9,900 Inventory 12.100 8,900 Available-for-sale debt investments -0- 3,100 Buildings -0- 29,500 Equipment 45.000 20,100 Patents 5,000 6,200 $107,500 $90,600 Allowance for doubtful accounts $3,000 $4,500 Accumulated depreciation-equipment 2,000 4,500 Accumulated depreciation-building -0- 6,100 Accounts payable 5,000 3,100 Dividends payable -0- 5,000 Notes payable, short-term (nontrade) 2,900 3,900 Long-term notes payable 31.000 25,000 Common stock 43,000 33,000 Retained earnings 20,600 5,500 $107,500 $90,600 Additional data related to 2020 are as follows. Additional data related to 2020 are as follows. 1. 2. 3. 4. 5. Equipment that had cost $10,900 and was 40% depreciated at time of disposal was sold for $2,600. $10,000 of the long-term note payable was paid by issuing common stock. Cash dividends paid were $5,000. On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $29,800 (net of $2,000 taxes). Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $1,900 and income taxes of $6,600 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Net Income IVANHOE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Patent Amortization Increase in Accounts Payable Loss on Sale of Equipment 1860 1200 1900 3940 15100 Increase in Accounts Payable 1900 Loss on Sale of Equipment 3940 Increase in Accounts Receivable (Net) 3900 Increase in Inventory -3200 Gain on Sale of Investments -1700 Gain from Flood Damage