The following is a comparative balance sheet for Carlton Corporations December 31, 2020 year-end along with select other financial information.

Carlton Corporation

Balance Sheet

December 31

2020 2019

Cash $ 38,700 $ 10,000

Accounts receivable (net) 42,000 20,500

Inventory 35,000 42,000

Long-term investments 0 15,000

Property, plant & equipment 225,000 160,000

Accumulated depreciation (37,700) (25,000)

$303,000 $222,500

Accounts payable $ 17,000 $ 26,500

Accrued liabilities 21,000 17,000

Long-term notes payable 70,000 50,000

Common stock 130,000 100,000

Retained earnings 65,000 29,000

$303,000 $222,500

Additional data:

1. Net income for the year 2020, $51,000.
2. Carlton Corporation sold its only long-term investments for $25,000 (assume any gain or loss is ordinary).
3. Declared and paid cash dividends during 2020.
4. Purchased new equipment for cash. No other PPE was purchased or sold in 2020.
5. Additional shares of common stock were issued in 2020 for cash.
6. Carlton Corporation borrowed additional funds through LT notes payable.

Instructions

prepare Carlton Corporation's statement of cash flows (using the indirect method) for 2020. Please show your work to support any calculations used.