The following are the comparative balance sheets and income statement for Ace Corp for the year ended December 31, 2020:

	2020	2019
Assets
Cash	$56,000	$30,000
Accounts Receivable, net	38,000	45,000
Inventory	80,000	75,000
Land	70,000	35,000
Building & Equipment	50,000	90,000
Accumulated Depreciation	(23,000)	(25,000)
	$271,000	$250,000
Liabilities and Equity
Accounts payable	$55,000	$40,000
Commissions payable	10,000	5,000
Dividends payable	5,000	0
Interest payable	2,000	15,000
Bonds payable	90,000	120,000
Common Stock	51,000	45,000
Retained Earnings	58,000	25,000
	$271,000	$250,000

	2020
Sales revenue	$150,000
Cost of goods sold	(75,000)
Depreciation expense	(13,000)
Sales commissions	(15,000)
Bad debt expense	(5,000)
Interest expense	(12,000)
Miscellaneous expense	(8,000)
Income tax expense	(12,000)
Gain on sale of equipment	25,000
Gain on retirement of bonds	10,000
Net Income	$45,000

Aces controller completed these financial statements and submitted them to the company president, Scott Sinclair via attachments in an email. He forgot to include the Statement of Cash Flows in the attachment. Given that Sinclair is meeting with his bank manager in 40 minutes, he needs your help.

Required:

Prepare a statement of cash flows, in good form USING THE INDIRECT METHOD. Scott noted that the company purchased equipment for $20,000 during the year. The consideration for the purchase was 2,000 common shares and $14,000.