1. The following table shows the comparative statement of financial position for Evonik Industries Inc.

	Dec. 31, 2020	Dec. 31, 2019
Land	$18,000	$40,000
Equipment	70,000	60,000
Accumulated depreciation	(20,000)	(13,000)
Prepaid insurance	25,000	17,000
Accounts receivable (net)	80,000	60,000
Cash	36,000	31,000
Share capital-ordinary	140,000	115,000
Retained earnings	31,000	55,000
Bonds payable	27,000	19,000
Accounts payable	11,000	6,000

• Cash dividends of $9,000 were declared and paid in 2020.
• Net loss for 2020 is $15,000.
• Equipment with a cost of $15,000 and accumulated depreciation of 10,000 was sold for $5,000 cash.
• Land was sold for cash at a loss of $7,000. This was the only land transaction during the year.
• $12,000 of bonds were retired during the year at carrying (book) value.
• Equipment was acquired for ordinary shares. The fair value of the shares at the time of the exchange was $25,000.

Please prepare a statement of cash flows for the year ended 2020, using indirect method.