Balance Sheet and Income Statement information is provided below for the Western Boot Company.

Balance Sheet Information 12/31/19 12/31/18

Cash $ 45,785 $ 39,060

Accounts Receivable 21,835 28,950

Inventory 71,320 83,070

Equipment 105,000 80,000

Accumulated Depreciation ( 65,700) (62,000)

Patents 15,000 3,000

Total Assets $193,240 $172,080

Accounts Payable $ 36,900 $ 78,575

Notes Payable 35,000 20,000

Common Stock 90,000 45,000

Retained Earnings 31,340 28,505

Total Liabilities and Stockholders Equity $193,240 $172,080

Income Statement Information for the Year Ended December 31, 2019

Revenue $408,365

Expenses (362,830)

Depreciation ( 3,700)

Net Income $ 41,835

Additional information for the year 2019:

1. Additional equipment was purchased for $25,000.
2. A patent was purchased from a competitor for $12,000
3. $45,000 of additional common stock was issued.
4. Dividends were declared and paid in the amount of $39,000
5. An additional long-term loan of $15,000 was taken out.

Required:

Prepare a statement of cash flows for the year ending December 31, 2019.