The controller of Nebula Corporation has provided you with the following information:

Nebula Corporation

Income Statement

For the Year Ended December 31, 2020

Sales Revenue................................................................................ $620,000

Cost of goods sold......................................................................... 345,000

Salaries expense ............................................................................ 50,000

Depreciation expense equipment 5,300

Interest expense........................................................................... 8,000

Bad debt expense.......................................................................... 1,250

Loss on sale of equipment............................................................. 1,100

Miscellaneous expenses................................................................ 900

Income taxes................................................................................... 72,958

Net income..................................................................................... $135,492

Nebula Corporation Comparative Account Information Relating to Operations For the Year Ended December 31, 2020 2020 2019 Accounts receivable -net 56,000 40,000 Prepaid insurance 5,000 6,000 Equipment 103,000 112,500 Accumulated Depreciation 11,700 13,800 Land 56,000 36,000 Accounts payable 59,000 47,000 Interest payable 600 1,500 Income taxes payable 4,200 6,000 Unearned revenue 20,000 14,000 Additional information: Equipment whose original cost was $24,000 was sold in 2020 The allowance for doubtful accounts was $1,550 and $1,700 as of December 31, 2019 and 2020 respectively Shares with a fair market value of $2,200 were issued in exchange for land. Required: Prepare the cash flow of operations using the direct method. (4.5 marks) Prepare the cash from investing section of the cash flow statement. (3.5 marks)