Using the information below, prepare in good form a Statement of Cash Flows for Savage Corporation. Information from the December 31, 2020, and 2019 balance sheets of Savage Corporation are presented below.

2020 2019

Cash $ 30,000 $ 50,000

Accounts Receivable, net 410,000 460,000

Inventory 300,000 320,000

Prepaid Expenses 20,000 15,000

Long-Term Investments 50,000 25,000

Land 560,000 300,000

Buildings and Equipment 2,000,000 1,900,000

Accumulated Depreciation (800,000) (770,000)

$ 2,570,000 $ 2,300,000

Accounts Payable $ 300,000 $ 120,000

Accrued Liabilities 40,000 50,000

Bonds Payable 500,000 800,000

Long-Term Note Payable 150,000 0

Common Stock, $2 par value 200,000 160,000

Paid-in Capital in Excess of Par Value 710,000 550,000

Retained Earnings 670,000 620,000

$ 2,570,000 $ 2,300,000

Additional information about 2016 transactions and events:

(a) Net income was $110,000.

(b) Depreciation expense on buildings and equipment was $60,000.

(c) Sold equipment with a cost of $50,000 and accumulated depreciation of $30,000 for cash of

$17,000. The loss on sale was $3,000.

(d) Declared and paid cash dividends of $60,000.

(e) Issued a $150,000 long-term note payable for buildings and equipment.

(f) Purchased long-term investments for $25,000.

(g) Paid $300,000 on the bonds payable.

(h) Issued 20,000 shares of $2 par value common stock for $200,000.

(i) Purchased land for $260,000.