Alex Company reported the following information for 2020.

Additional information:
1. Operating expenses include depreciation expense of $40,000.
2. Land was sold at its book value for cash.
3. Cash dividends of $85,000 were declared and paid in 2020.
4. Equipment with a cost of $166,000 was purchased for cash. Equipment with a cost of $51,000 and a book value of $36,000 was sold for $34,000 cash.
5. Bonds of $50,000 were redeemed at their face value for cash.
6. Common stock ($1 par) of $170,000 was issued for cash. Use this information to prepare a statement of cash flows using the indirect method.

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Alex Company Comparative Balance Sheets December 31 Change Increase/Decrease Assets 2020 2019 $ 23,000 Increase 40,000 Increase 44,000 Increase 2,000 Increase 15,000 Decrease -0- $ 59,000 62,000 $ 36,000 22,000 Cash Accounts receivable Inventory Prepaid expenses Land 44,000 6,000 -0- 4,000 70,000 200,000 (14,000) 68,000 (10,000) 55,000 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation–equipment 200,000 (21,000) 183,000 (28,000) 7,000 Increase 115,000 Increase 18,000 Increase Totals $560,000 $376,000 Liabilities and Stockholders' Equity $ 43,000 $ 3,000 Increase 10,000 Decrease 50,000 Decrease 170,000 Increase 71,000 Increase $ 40,000 10,000 150,000 60,000 116,000 Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings -0- 100,000 230,000 187,000 Totals $560,000 $376,000 Alex Company Income Statement For the Year Ended December 31, 2020 Sales revenue $941,000 $475,000 Cost of goods sold Operating expenses 231,000 Interest expense 12,000 Loss on disposal of plant assets 2,000 720,000 Income before income taxes 221,000 Income tax expense 65,000 Net income $156,000