The following are data taken from the records of Durand SpA.

Debit Balances December 31, 2020 December 31, 2019

Cash $ 15,000 $ 10,000

Current assets other than cash 85,000 58,000

Long-term investments 10,000 53,000

Plant assets 335,000 215,000

$445,000 $336,000

Credit Balances

Accumulated depreciation $ 20,000 $ 40,000

Current liabilities 40,000 22,000

Bonds payable 75,000 0

Share capitalordinary 254,000 254,000

Retained earnings 56,000 20,000

$445,000 $336,000

Additional information:

1. Held-for-collection investments carried at a cost of $43,000 on December 31, 2019, were

sold in 2020 for $34,000. The loss was incorrectly charged directly to Retained Earnings.

2. Plant assets that cost $60,000 and were 80% depreciated were sold during 2020 for $8,000.

The loss was incorrectly charged directly to Retained Earnings.

3. Net income as reported on the income statement for the year was $59,000.

4. Dividends paid amounted to $10,000.

5. Depreciation recorded for the year was $28,000.

Required:

Prepare a statement of cash flows for the year 2020 using the indirect method.