Wildhorse Shoes comparative balance sheet is presented below. Wildhorse reports under ASPE. WILDHORSE SHOES Balance Sheet December 31

Assets 2021 2020

Cash $26,508 $16,638

Accounts receivable 22,748 20,962

Long-term investments 21,620 15,040

Equipment 56,400 65,800

Accumulated depreciationequipment (13,160 ) (9,400 )

Total $114,116 $109,040

Liabilities and Shareholders Equity

Accounts payable $18,424 $10,434

Notes payable 9,400 28,200

Common shares 56,400 42,300

Retained earnings 29,892 28,106

Total $114,116 $109,040

Additional Information:

1. Profit was $26,602. Dividends declared and paid were $24,816.

2. Equipment that cost $9,400 and had accumulated depreciation of $1,128 was sold for $4,042.

3. All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation.

Prepare a statement of cash flows for 2021 using the indirect method.