The De Anza Corporation issued the following comparative balance sheets for $2021$ and $2020.$ Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities. Assume the following: $(1)$ Equipment costing $$240,000$ was purchased for cash, $(2)$ equipment costing $$75,000,$ fully depreciated, was sold for $$10,000$; $(3)$ stock was issued for cash; $(4)$ the only entries in the retained earnings account were net income of $$97,000$ and cash dividends declared of $$32,000.$

$12-31-202112-31-2020$

Cash $$232,000$ $$183,500$

Accounts Receivable $128,000105,000$

Inventories $90,000106,500$

Equipment $850,000685,000$

Accumulated Depreciation $(380,000)(378,000)$

Total Assets $$920,000$ $$702,000$

Accounts Payable $$82,000$ $$71,000$

Cash dividends payable $7,0005,000$

Common stock, $$5$ par value $285,000260,000$

Paid$-$in Capital in Excess of Par$-$common stock $305,000190,000$

Retained Earnings $241,000176,000$

Total Liabilities & Stockholders' Equity $$920,000$ $$702,000$