Serial Problem Business Solutions (Indirect) LO P2, P3 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 25,007 18,693 43,700 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income $14,852 310 1,210 2,650 535 1,775 1,285 560 280 930 24,387 $19,313 Dec. 31, 2019 $54,332 5,068 480 1,615 795 108,698 62,298 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 79,577 Accounts receivable 24,567 Inventory 644 Computer supplies 2,075 Prepaid insurance 1,040 Prepaid rent 795 Total current assets Office equipment 7,700 Accumulated depreciation-office equipment (620) Computer equipment 19,800 Accumulated depreciation-Computer equipment (2,420) Total assets $133,158 Liabilities and Equity Accounts payable $ Wages payable 885 Unearned computer service revenue Total current liabilities 885 Equity Common stock 109,000 Retained earnings 23,273 Total liabilities and equity $133,158 7,700 (310) 19,800 (1,210) $88,270 $ 1,120 590 1,800 3,510 77,000 7,760 $88,270 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $3,800 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)