The comparative statement of financial position of Novak Corporation as at December 31, 2020, follows:

NOVAK CORPORATION Statement of Financial Position December 31
		December 31
Assets		2020			2019
Cash		$	55,000		$	13,600
Accounts receivable			91,000			87,700
Equipment			26,500			22,900
Less: Accumulated depreciation			(10,200	)		(10,900	)
Total		$	162,300		$	113,300
Liabilities and Shareholders Equity
Accounts payable		$	19,800		$	14,400
Common shares			100,000			80,100
Retained earnings			42,500			18,800
Total		$	162,300		$	113,300

Net income of $36,800 was reported and dividends of $13,100 were declared and paid in 2020. New equipment was purchased, and equipment with a carrying value of $4,900 (cost of $12,000 and accumulated depreciation of $7,100) was sold for $8,000. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Novak prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)