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:

2020 2019

Assets

Cash $ 27,000 $ 20,000

Accounts receivable 30,000 35,000

Inventory 14,000 27,000

Land 30,000 5,000

Equipment, net 46,000 25,000

Total assets $147,000 $112,000

Liabilities and Shareholders Equity

Trade payables $ 26,000 $ 20,000

Dividends payable 2,000 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 shareholders 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

Other expenses 88,000

Total expenses 96,000

Net income $ 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.

3. 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.