The statements of financial position for King Lear Corp. at the end of 2020 and 2019 are as follows:

2020 2019

Cash $ 75,000 $105,000

Accounts receivable (net) 180,000 135,000.

Merchandise inventory 210,000 135,000.

Prepaid expenses 30,000 75,000

Land 270,000 120,000.

Buildings and equipment 270,000 225,000.

Accumulated depreciationbuildings and equipment (54,000) (24,000)

Total Assets $981,000 $771,000

Accounts payable $204,000 $165,000

Salaries payable 36,000 54,000

Notes payablelong-term 120,000

Mortgage payable 90,000 Common shares 627,000 477,000

Retained earnings (deficit) 24,000 (45,000)

Total Liabilities & Shareholders Equity $981,000 $771,000

During 2020, land was acquired in exchange for common shares (which had a market value of $150,000 at the time). All equipment purchased was for cash. Equipment costing $15,000 was sold for $6,000 cash; book value of the equipment at the time of sale was $12,000, and the loss was included in net income. Cash dividends of $30,000 were declared and paid during the year. King adheres to ASPE and uses the indirect method when preparing the statement of cash flows. The cash provided by (used in) investing activities was

$(60,000).

$(54,000).

$(204,000).

$39,000.