The Fisheries Processing Corporation prepared the following income statement and comparative balance sheet for 2021: FISHERIES PROCESSING CORPORATION Income Statement Year Ended December 31, 2021 Sales ...................................................................................................................................... $ 1,800,000 Cost of goods sold ............................................................................................................. 880,000 Gross profit ........................................................................................................................ 920,000 Depreciation expense ....................................................................................................... 227,000 Other operating expenses ................................................................................................. 197,000 Interest expense ................................................................................................................ 165,000 Loss on sale of land .............................................................................................................. 120,000 Income before taxes .......................................................................................................... 211,000 Income taxes ........................................................................................................................ 70,800 Profit .................................................................................................................................. M FISHERIES PROCESSING CORPORATION Comparative Balance Sheet December 31 2021 2020 Assets Cash 3 385,200 $ 200,000 Accounts receivable 640,000 670,000 Merchandise inventory 2,336,000 2,090,000 Property, plant, and equipment 880,000 800,000 Less: Accumulated depreciation (787,000) (560,000) Goodwill 219,000 219,000 Total Assets M 54% Liabilities and Shareholders' Equity Accounts payable $389,000 $ 265,000 Other accrued payables 160,000 240,000 Dividends payable 80,000 80,000 Income taxes payable 27,000 42,000 Note payable (long-term) 180,000 560,000 Bonds payable 900,000 400,000 Common shares 1,600,000 1,600,000 Retained earnings 337,200 232,000 Total Liabilities & Shareholders' Equity m M Additional data: 1. Equipment was purchased for$ 400,000. 2. Land was sold for cash proceeds of$ 200,000. 3. The company sold bonds of$ 500,000 and made S 380,000 of principal payments on notes payable. Instructions Prepare a cash flow statement for 2021, using the indirect method