The Niakwa Industries prepared the following statement of earnings and comparative statement of financial position for 2020:

The Niakwa Industries prepared the following statement of earnings and comparative statement of financial position for 2020: NIAKWA INDUSTRIES Statement of Earnings Net sales Cost of sales Gross profit For the Year Ended December 31, 2020 $1,900,000 980,000 920,000 Operating expenses Depreciation expense property, plant and equipment 200,000 Amortization expense patents Other operating expenses Earnings from operating activities 27,000 197,000 496,000 Non-operating activities Interest expense Loss on sale of land Net earnings before income tax Income tax (30%) Net Earnings 160,000 100,000 236,000 70,800 $ 165.200 NIAKWA INDUSTRIES Comparative Statement of Financial Position December 31, 2020 2020 Assets Current Assets 2019 $ 200,000 $ 405,200 180,000 460,000 Cash Accounts Receivable 350,000 320,000 Investments Inventory Total Current Assets 2,336,000 3,381,200 2.090,000 2,960,000 Non-Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Patents, net Total Non-Current Assets Total Assets 880,000 (760,000) 192,000 312,000 $3.693.200 800,000 (560,000) 219,000 459,000 $3.419.000 Liabilities and Shareholders' Equity Current Liabilities Accounts Payable Accrued Payables Dividends Payable Income Taxes Payable $ 389,000 160,000 80,000 27,000 656,000 $ 265,000 240,000 80,000 42.000 627,000 Total Current Liabilities Non-Current Liabilities 180,000 900.000 Note Payable (Long-Term) 560,000 Bonds Pavable 400.000 Additional information: 1. Equipment was purchased for $400,000 cash in 2020. 2. Cash dividends of $40,000 were paid in 2020. 3. Land was sold for $220,000 cash in 2020. 4. Changes in the note payable and bonds payable accounts were through cash transactions. 5. Any additional transactions were non-cash transactions and can be ignored for this question. Required: Prepare a complete Statement of Cash Flows for 2020 using the indirect method for the operating section. Ignore supplementary disclosure.