The comparative statement of financial position for Clark Inc. as at December 31, 2020 and the statement of income for the year ended December 31, 2020 appear below: Cash Accounts receivable Inventory Land Equipment, net Total assets Assets Liabilities and Shareholder's Equity 2020 2019 $ 27,000 30,000 $ 20,000 35,000 14,000 27,000 30,000 46.000 $147.000 5,000 25.000 $112.000 Trade payables Dividends payable $ 26,000 2,000 $ 20,000 10,000 Long-term notes payable 25,000 16,000 Common shares 46,000 21,000 Retained earnings 48.000 45,000 Total liabilities and shareholder's equity $147.000 $112.000 Revenue $310,000 Cost of sales 208.000 Gross profit 102,000 Gain on sale of equipment 4,000 Expenses Depreciation 8.000 Common shares 46,000 21,000 Retained earnings 48.000 45.000 Total liabilities and shareholder's equity $147.000 $112.000 Revenue $310,000 Cost of sales 208.000 Gross profit Gain on sale of equipment 102,000 4,000 Expenses Depreciation Other expenses Total expenses Net income 8,000 88.000 96.000 10.000 Additional information: 1. The carrying amount of the equipment at the end of 2020 and 2019 was determined as follows: 2020 2019 Equipment 59,000 40,000 Accumulated depreciation: Equipment (13.000) (15.000) Net carrying amount $ 46.000 $ 25.000 2 Equipment with a cost of $21,000 and accumulated depreciation of $10,000 was sold for cash during 2020. Land costing $25,000 was purchased during 2020 in exchange for common shares instead of cash. There were no other non- cash transactions during 2020. Required: Prepare a statement of cash flows for the year ended December 31, 2020 using the indirect method. No text entered