The income statement for 2020 and comparative balance sheets for 2020 and 2019 are provided below for Hughen Company. Additional information from the Company's accounting records is also provided.

Required: Prepare the statement of cash flows of Hughen Company for the year ended December 31, 2020, typed and in good form (i.e., proper headings, sections, etc.). Use the indirect method. Be sure include any required supplementary disclosures.

Hughen Company

Income Statement

For the Year Ended December 31, 2020

($ in thousands)

Revenues
	Sales revenue	$ 1,000
	Dividend revenue	3
		1,003
Expenses and other
	Cost of goods sold	(560)
	Salaries expense	(190)
	Depreciation expense	(20)
	Patent amortization	(3)
	Loss on sale of equipment	(4)
	Interest expense	(17)
	Miscellaneous expenses	(8)
	Gain on early extinguishment of debt	12
	Income tax expense	(90)
		(880)
Net Income	$ 123

Hughen Company

Comparative Balance Sheets

December 31, 2020 and 2019

($ in thousands, except per share amounts)

		2020		2019
Assets
	Cash	$ 88		$ 79
	Accounts Receivable	220		148
	Less: Allowance for doubtful accounts	(10)		(8)
	Inventory	260		220
	Dividends Receivable	2		1
	Land	325		200
	Plant and equipment	580		633
	Less: Accumulated depreciation	(90)		(100)
	Patents, net	30		33
Total Assets	$ 1,405		$ 1,206
Liabilities
	Accounts payable	$ 260		$ 200
	Salaries payable	200		210
	Interest payable	2		4
	Income tax payable	140		100
	Bonds payable, net	121		170
Shareholders' Equity
	Common stock ($5 par value per share)	250		210
	Additional paid-in capital--common stock	233		170
	Treasury stock	(5)		0
	Retained earnings	204		142
Total Liabilities and Stockholders' Equity	$ 1,405		$ 1,206

Additional information from the accounting records:

1. Common shares outstanding were 42,000 at December 31, 2019, and were 49,500 at December 31, 2020.

2. On February 2, 2020, issued a 10% stock dividend. The market price per share of the common stock at that time was $15.

3. On March 1, 2020, issued 3,800 shares of common stock for land. The common stock had a fair value of $40,000 at that time.

4. Bonds payable on the balance sheet are comprised of multiple bond issues from prior years. On April 15, 2020, paid cash to extinguish one set of bonds payable early. The bonds that were extinguished had a face value of $50,000 and were originally issued at par.

5. Total unamortized discount on bonds payable was $10,000 at December 31, 2019, and was $9,000 at December 31, 2020. No new bonds were issued during 2020.

6. On June 30, 2020, sold equipment that originally cost $53,000, and had a current book value of $23,000, for $19,000 cash.

7. On September 30, 2020, paid a 4 cents per share cash dividend to shareholders.

8. On October 10, 2020, purchased land for $85,000 cash.

9. On December 15, 2020, purchased 500 shares of treasury stock for cash at a total cost of $5,000.