Additional information regarding ICE Drilling's octivities during 2020: 1. Loss on sale of equipment is $10,480 2. Paid $69,280 to reduce a long-term note payable 3. Equipment costing $100,000, with accumulated depreciation of $58,000, is sold for cash. 4. Equipment costing $214,880 is purchased by paying cash of $55,000 and signing a long-term note payable for the balanc 5. Borrowed $8,400 by signing a short-term note payable 6. Issued 10,080 common shares for cash ot $10 per share. 7. Declared and paid cash dividends of $138,160 Other information: a. All sales are credit sales. b. All credits to accounts receivable in the period are receipts from customers. c. Purchases of merchandise are on credit. d. All debits to accounts payable in the period result from payments for merchandise e. The only decrease in income taxes payable is for payment of taxes. f. The other expenses are poid in advance and are initialiv debited to Predaid Expenses. Prepare a statement of cash flows for 2020 using the direct method to report cash inflows and outflows from operating activities. (Lis) Required: any deduction in cash and cash outflows as negative amounts.)