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)	$ 545,000
Sales revenue (MU watches)	120,000
Total revenues		$ 665,000
Expenses:
Cost of goods sold (watches)	71,000
Operating expenses	304,376
Depreciation expense	51,000
Interest expense	29,824
Income tax expense	57,600
Total expenses		513,800
Net income		$ 151,200

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
	2020			2019			Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	325,094		$	139,000		$	186,094	(I)
Accounts receivable		46,500			36,000			10,500	(I)
Inventory		17,150			14,100			3,050	(I)
Other current assets		13,150			11,100			2,050	(I)
Long-term assets:
Land		400,000			0			400,000	(I)
Buildings		1,100,000			0			1,100,000	(I)
Equipment		66,000			66,000
Accumulated depreciation		(76,500)			(25,500)			51,000	(I)
Total assets	$	1,891,394		$	240,700
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	12,150		$	9,100		$	3,050	(I)
Interest payable		760			760
Income tax payable		57,600			38,500			19,100	(I)
Long-term liabilities:
Notes payable		502,844			30,500			472,344	(I)
Stockholders' Equity:
Common stock		125,000			25,000			100,000	(I)
Paid-in capital		1,105,000			0			1,105,000	(I)
Retained earnings		168,040			136,840			31,200	(I)
Treasury stock		(80,000)			0			(80,000)	(I)
Total liabilities and stockholders equity	$	1,891,394		$	240,700

Additional Information for 2020:

1. Borrowed $510,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,656.

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

3. Purchased 10,000 shares of treasury stock for $16 per share.

4. Reissued 5,000 shares of treasury stock at $17 per share.

5. Declared and paid a cash dividend of $120,000.

Required:

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

GREAT ADVENTURES, INC.
Statement of Cash Flows
For the Year Ended December 31, 2020
Cash Flows from Operating Activities
Adjustments to reconcile net income to net cash flows from operating activities:
Net cash flow from operating activities
Cash Flows from Investing Activities
Net cash flow from investing activities
Cash Flows from Financing Activities
Net cash flow from financing activities
Cash at the beginning of the period
Cash at the end of the period