Wela Company Comparative Statement of Financial Position December 31, 2020 and 2021 2021 2020 Assets Cash and Cash Equivalents $590,720 $675,000 Accounts Receivable (net) $40,500 $58,020 Inventory $155,500 $142.950 Prepaid Expenses $36,000 $32,400 Land $165.000 $120,000 Equipment $220,000 $147.000 Accumulated Depreciation - Equipment ($65.000) ($55,000) Buildings $160.000 $120.000 Accumulated Depreciation - Buildings ($55.000) ($35,000) TOTAL ASSETS $1,247,720 $1,205,370 Equity and Liabilities Accounts Payable $55,000 $48,650 Dividends Payable $12.000 Income Taxes Payable $60,000 $64,000 Long-Term Debt $277,500 $200.000 Accrued Expense Payable $65,000 $65,000 Bonds Payable $59.500 $120,000 Interest Payable $92,000 $92,000 Share Capital - Ordinary $405,720 $375.720 Retained Earnings $221.000 $240.000 TOTAL EQUITY AND LIABILITIES $1.247,720 $1,205,370 Wela Company Comparative Income Statement For the Year Ended December 31, 2020 and 2021 2021 2020 Net Sales $420,000 $372,500 Cost of Goods Sold $325.000 $200,000 Operating Expenses (include depreciation) $60.000 $92,500 Interest Expense $4,000 $5,500 Income Taxes $8,000 $10,000 Additional Information: a There were no accruals or prepaid amounts for interest. b. Dividends declared during 2021 were $ 42,000 c. Equipment $73.000 was acquired by the issuance of a long-term debt $13,000 and cash $60.000. d. The bonds owned by the company are $60.500 in cash. e. Depreciation of $30,000 was included in operating expenses for 2021 f. Land was acquired for $15,000 cash. g. Ordinary shares of $30,000 were issued in exchange for land. Instructions: Prepare a statement of cash flows Wela Company for 2021 using the Indirect Method