The comparative statement of financial position of Randy Corporation as at December 31, 2020, follows: RANDY CORPORATION Statement of Financial Position December 31 December 31 Assets 2020 2019 Cash $ 59,000 $ 7,500 Accounts receivable 89,000 87,000 Equipment 26,000 21,000 Less: Accumulated depreciation (9,500) (10,000) Total $164,500 $105,500 Liabilities and Shareholders Equity Accounts payable $ 19,500 $ 14,000 Common shares 100,000 79,000 Retained earnings 45,000 12,500 Total $164,500 $105,500 Net income of $48,000 was reported and dividends of $15,500 were declared and paid in 2020. New equipment was purchased, and equipment with a carrying value of $5,000 (cost of $11,500 and accumulated depreciation of $6,500) was sold for $7,500. Prepare a statement of cash flows using the indirect method for cash flows from operating activities.