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The comparative statement of financial position and statement of income for NextWave Company follow.

NEXTWAVE COMPANY Comparative Statement of Financial Position
		Dec. 31, 2020		Dec. 31, 2019
Assets
Cash		$66,000		$47,000
Accounts receivable		76,800		57,000
Inventory		121,900		92,000
Long-term investments		84,500		97,000
Property, plant, and equipment		280,000		235,000
Accumulated depreciation		(79,500	)	(70,000	)
		$549,700		$458,000
Liabilities and shareholders' equity
Accounts payable		$52,000		$49,000
Income tax payable		12,000		18,000
Bonds payable		100,000		70,000
Common shares		230,000		199,300
Retained earnings		155,700		121,700
		$549,700		$458,000

NEXTWAVE COMPANY Statement of Income For the year ended December 31, 2020
Sales revenue				$437,000
Gain on sale of equipment				3,700
				440,700
Expenses
Cost of goods sold		$200,000
Operating expenses (excluding depreciation)		63,800
Depreciation expense		49,700
Income tax expense		40,000		353,500
Net income				$87,200

Additional information:

1.	Some of the long-term investments were sold at their carrying value. As a result, there was no gain or loss on this transaction.
2.	Equipment costing $47,000 was sold for $10,500, which was $3,700 more than its net carrying amount at the time of disposal.

Prepare the companys statement of cash flows for 2020 using the indirect method. Calculate the amount of cash that was paid for income taxes during 2020. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)