The following schedule of information relates to Penelope Products for the year, 2020. The cash balance was $48,000 at the beginning of 2020. Income statement data: Sales Depreciation expense $2,320,000 84,000 308,000 Net income Cash receipts: From issuance of common stock $176,000 From sale (at book value) of stock investment 112,000 Cash payments: For purchase of land $496,000 To stockholders as dividends 88,000 56,000 To payoff notes payable Change in working capital accounts: Cash increase $20,000 Accounts receivable increase 24,000 Inventory decrease 12,000 Accounts payable decrease 16,000 Accrued liabilities increase 8,000 Required: Prepare a 2020 statement of cash flows for Penelope Products using the indirect method. Disclosures are not required