The following information was obtained from the accounting records and financial statements of Fairbanks Inc.

Assets	2019	2020
Cash	$ 662,000	781,000	119,000
Accounts receivable	524,000	707,000	183,000
Raw materials inventory	404,000	521,000	117,000
Finished goods inventory	1,212,000	1,190,000	(22,000)
Land	1,200,000	1,000,000	(200,000)
Machinery and equipment	3,330,000	3,511,000	181,000
Accumulated depreciation	(1,555,000)	(1,725,000)	(170,000)
Net capital assets	1,775,000	1,786,000	11,000
Total	5,777,000	5,985,000
Liabilities and Stockholders equity
Accounts payable	888,000	961,000	73,000
Wages payable	122,000	107,000	(15,000)
Long-term debt	2,900,000	2,970,000	70,000
Common shares	940,000	1,000,000	60,000
Retained earnings	927,000	947,000	20,000
Total	5,777,000	5,985,000

Additional information:

• On February 1, 2020, Fairbanks issued common shares for machinery and equipment. The common shares had a current market value of $20,000.
• On March 1, 2020, Fairbanks sold equipment that cost $200,000, with a book value of $90,000, for $95,000.
• On August 15, 2020, Fairbanks sold land with an original cost of $200,000 for $189,000.
• On September 27, 2020, Fairbanks issued a stock dividend to shareholders valued at $10,000.
• On December 31, 2020, Fairbanks declared and paid cash dividends of $3,000.

Required:

1. Prepare the cash flow statement, using the indirect method, for Fairbanks for the year ended December 31, 2020.