Memmot Health Labs Inc. began 2020 with cash of $65,000. During the year, Memmot earned service revenue of $650,000 and collected $660,000 from customers. Expenses for the year totalled $470,000, of which Memmot paid $460,000 in cash to suppliers and employees. Memmot also paid $150,000 to purchase equipment and paid a cash dividend of $40,000 to its shareholders during 2020. Prepare the company’s cash flow statement for the year ended December 31, 2020. Format operating activities by the direct method.