The income statement, balance sheets, and additional informa Vioja Tele Ltd. are provided below: VIOJA TELE INC Income Statement For the year ended December 31, 2020 Net Sales Cost of goods sold Gross Profit $ 2,520,000 1,746,000 774,000 Operating Expenses Depreciation expense 87,000 Other operating expenses 237,000 Operating Income 450,000 Gains and Losses Gain on sale of land 11,700 Loss on sale of equipment (8,360) Net Income $ SA 453,340 Balance Sheets December 31' 2020 2019 Assets Current assets Cash 192,780 66,780 Accounts receivable 66,900 81,000 Inventory 131,500 126,000 Prepaid rent 2,860 4,320 Non-Curret assets Land 117,000 200,000 Equipment 508,200 346,000 Accumulated depreciation - Equipment (84,700) (100,500) Total assets 934,540 723,600 Liabilities & Stockholders' Equity Current Liabilities Accounts payable 25,500 79,000 Interest payable 3,300 2,100 Income tax payable 31,400 33,500 Long-term Liabilities Notes payable 153,000 193,000 Stockholders' Equity Common Stock 70,000 60,000 Additional paid-in capital 302,000 210,000 Retained earnings 349,340 146,000 Total Liabilities & Stockholders' Equity 934,540 723,600 < Prev 34 of 34 ADDITIONAL INFORMATION: 1The company sold land for a gain of $11,700. No other land transaction occurred during the period. 2 The company sold a piece of equipment with an original cost of $122,800 for a loss of $8,360. The company also purchased new equipment. The cost of the new equipment was financed by a $50,000 long-term note and the balance was paid with cash. 3 Common stock was issued for cash. 4 The only changes affecting retained earnings are net income and cash dividends paid. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)