The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing, TEAM)	$ 555,000
Sales revenue (MU watches)	130,000
Total revenues		$ 685,000
Expenses:
Cost of goods sold (watches)	76,000
Operating expenses	304,876
Depreciation expense	56,000
Interest expense	30,324
Income tax expense	60,600
Total expenses		527,800
Net income		$ 157,200

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
	2020			2019			Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	313,784		$	144,000		$	169,784	(I)
Accounts receivable		54,000			41,000			13,000	(I)
Inventory		17,900			14,600			3,300	(I)
Other current assets		13,900			11,600			2,300	(I)
Long-term assets:
Land		600,000			0			600,000	(I)
Buildings		1,000,000			0			1,000,000	(I)
Equipment		71,000			71,000
Accumulated depreciation		(82,750)			(26,750)			56,000	(I)
Total assets	$	1,987,834		$	255,450
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	12,900		$	9,600		$	3,300	(I)
Interest payable		810			810
Income tax payable		60,600			41,000			19,600	(I)
Long-term liabilities:
Notes payable		555,284			33,000			522,284	(I)
Stockholders' Equity:
Common stock		120,000			20,000			100,000	(I)
Paid-in capital		1,105,000			0			1,105,000	(I)
Retained earnings		193,240			151,040			42,200	(I)
Treasury stock		(60,000)			0			(60,000)	(I)
Total liabilities and stockholders equity	$	1,987,834		$	255,450

Additional Information for 2020:

1. Borrowed $560,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,716.

2. Issued common stock for $1,200,000.

3. Purchased 10,000 shares of treasury stock for $12 per share.

4. Reissued 5,000 shares of treasury stock at $13 per share.

5. Declared and paid a cash dividend of $115,000.

Required:

Prepare the statement of cash flows for the year ended December 31, 2020, using the indirectmethod. (List cash outflows as negative amounts.)