Indirect Method - Preparing a Statement of Cash Flows Kidman Corp. reported the following financial statements for the year ended December 31, 2020. Difference $30,400 (3,200) 22,400 Balance Sheet, December 31 2019 2020 Cash and cash equivalents $19,200 $49,600 Accounts receivable 15,200 12,000 Merchandise inventory 24,800 47,200 Land 16,000 3,200 Equipment 38,400 57,600 Accumulated depreciation (9,600) (19,200) Total assets $104,000 $150,400 Accounts payable $12,800 $14,400 Notes payable, long-term 5,600 1,600 Bonds payable 24,000 Common stock (no-par) 64,000 73,600 Retained earnings 21,600 36,800 Total liabilities and stockholders' equity $104,000 $150,400 (12,800) 19,200 (9,600) $46,400 $1,600 (4,000) 24,000 9,600 15,200 $46,400 Income Statement For Year Ended December 31, 2020 Revenues $121,600 Cost of goods sold 65,600 Depreciation 9,600 Other expenses 11,200 Loss on sale of land 8,000 Net income $27,200 0 0 Required Prepare the statement of cash flows for Kidman Corp. for the year ended December 31, 2020, using the indirect method. Statement of Cash Flows For the Year Ended December 31, 2020 Cash flows from operating activities Net income $ 0 Adjustments Depreciation expense 0 Loss on sale of land 0 Decrease in accounts receivable 0 Increase in merchandise inventory 0 Increase in accounts payable Net cash provided by operating activities Cash flows from investing activities Sale of land 0 Purchase of equipment 0 Net cash used by investing activities 0 Cash flows from financing activities Payment on long-term note issuance 0 Issuance of bond payable 0 Issuance of common stock 0 Cash paid for dividends Net cash provided by financing activities 0 Net increase in cash and cash equivalents during 2020 0 Cash and cash equivalents, January 1, 2020 Cash and cash equivalents, December 31, 2020 $ 0 0 0