The following statement of cash flows was incorrectly prepared by Blum Corporation. The correctly reported income statement also follows. Statement of Cash Flows For Year Ended December 31, 2020 Cash received from operations Net income .. Depreciation expense Amortization of patent Decrease in accounts receivable balance. Increase in inventory balance .. Increase in wages payable balance. Machinery, old (sold at book value on credit) Long-term note given for land purchased. Total funds received $102,000 40,000 9,000 5,000 (10,000) 4,000 7,000 29,000 $186,000 Cash spent Retirement of mortgage Cash dividends . . Machinery (new). Acquired land; issued capital stock in full payment (6,000 shares, par $5)*. Invested in capital stock of Costner Corporation (classified as noncurrent) Increase in cash balance Total funds spent. $ 60,000 20,000 50,000 36,000 10,000 10,000 $186,000 * Market price is $6 per share. Income Statement For Year Ended December 31, 2020 Sales revenue. . . Cost of goods sold Depreciation expense. Amortization of patent. . Salaries and wages Remaining expenses (all cash) Net income. $320,000 120,000 40,000 9,000 11,000 38,000 $102,000 Required Restate the statement of cash flow in correct form using proper titles and subtotals. Use the indirect method to present cash flows from operating activities, and assume that cash at the beginning of the period was $28,000