Windsor Inc., a greeting card company, had the following statements prepared as of December 31, 2020.

WINDSOR INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19

Cash $6,100 $7,000

Accounts receivable 61,600 51,500

Short-term debt investments (available-for-sale) 34,900 18,100 I

nventory 39,900 60,400

Prepaid rent 5,000 4,100

Equipment 154,100 130,300

Accumulated depreciationequipment (35,000 ) (24,900 )

Copyrights 45,500 50,500

Total assets $312,100 $297,000

Accounts payable $45,800 $39,900

Income taxes payable 4,000 6,000

Salaries and wages payable 8,100 4,000

Short-term loans payable 7,900 10,000

Long-term loans payable 60,500 69,300

Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 55,800 37,800 Total liabilities & stockholders equity $312,100 $297,000 WINDSOR INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2020 Sales revenue $333,000 Cost of goods sold 174,000 Gross profit 159,000 Operating expenses 119,500 Operating income 39,500 Interest expense $11,500 Gain on sale of equipment 2,000 9,500 Income before tax 30,000 Income tax expense 6,000 Net income $24,000 Additional information: 1. Dividends in the amount of $6,000 were declared and paid during 2020. 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,100 and was 70% depreciated was sold during 2020. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)