The balance sheet for Houndstooth Incorporated is presented below:

Houndstooth Incorporated
Balance Sheets
	Dec. 31, 2020	Dec. 31, 2019
Cash	7,440	10,740
Accounts Receivable	14,300	8,900
Inventory	25,000	19,000
Land	49,000	26,000
Buildings and equipment	177,000	142,500
Accumulated Depreciation	(51,000)	(34,000)
Total Assets	221,740	173,140
Accounts Payable	18,000	9,500
Wages Payable	21,000	11,700
Dividends Payable	800	1,000
Notes Payable	60,000	44,000
Common Stock (no par)	68,000	60,000
Retained Earnings	53,940	46,940
Total Liabilities and Stockholders Equity	221,740	173,140

- net income for 2020 was $15,500

- The firm sold for $24,000 equipment originally costing $45,000 with accumulated depreciation totaling $32,000.

- Land was purchased during the year and paid for solely through the issuance of a note. No other long-term notes were issued during the year.

The following select information is available from the income statement:

--- Sales revenue $179,500

--- COGS $70,000

--- Wages expense $48,000

--- Income tax expense $8,000

Required: Prepare the 2020 statement of cash flows for Houndstooth Incorporated in good form. You may use either the direct or indirect method of presentation for the operating activites section.