Use the Stake Technology Inc. financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2019, using the indirect method. Additional Information:

1. Purchased equipment for $31,000 cash.
2. Sold the long-term investment on January 1, 2019 for $20,000.
3. Sold equipment for $16,000 cash that had originally cost $64,500 and had $48,500 of accumulated depreciation.
4. Issued $45,000 of bonds payable at face value.

Stake Technology Inc. Income Statement For Year Ended December 31, 2019 Sales Cost of goods sold Depreciation expense. Other expenses Loss on sale of long-term investment Net income. 730,000 620,000 49,000 33,000(702,000) (12,000)16,000