You have completed the field work in connection with your audit of Kingbird Corporation for the year ended December 31, 2020. The balance sheet accounts at the beginning and end of the year are shown below.

		Dec. 31, 2020		Dec. 31, 2019			Increase or (Decrease)
Cash		$308,469		$330,780			($22,311	)
Accounts receivable		521,061		391,830			129,231
Inventory		823,287		677,100			146,187
Prepaid expenses		13,320		8,880			4,440
Investment in subsidiary		122,655		0			122,655
Cash surrender value of life insurance		2,557		1,998			559
Machinery		229,770		210,900			18,870
Buildings		594,072		452,769			141,303
Land		58,275		58,275			0
Patents		76,590		71,040			5,550
Copyrights		44,400		55,500			(11,100	)
Bond discount and issue cost		4,997		0			4,997
		$2,799,453		$2,259,072			$540,381
Income taxes payable		$100,177		$88,356			$11,821
Accounts payable		332,201		310,800			21,401
Dividends payable		77,700		0			77,700
Bonds payable8%		138,750		0			138,750
Bonds payable12%		0		111,000			(111,000	)
Allowance for doubtful accounts		39,183		44,400			(5,217	)
Accumulated depreciationbuildings		470,640		444,000			26,640
Accumulated depreciationmachinery		192,030		144,300			47,730
Premium on bonds payable		0		2,664			(2,664	)
Common stockno par		1,305,582		1,613,052			(307,470	)
Paid-in capital in excess of parcommon stock		120,990		0			120,990
Retained earningsunappropriated		22,200		(499,500	)		521,700
		$2,799,453		$2,259,072			$540,381

STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2020
January	1, 2020		Balance (deficit)		$(499,500	)
March	31, 2020		Net income for first quarter of 2020		27,750
April	1, 2020		Transfer from paid-in capital		471,750
			Balance		0
December	31, 2020		Net income for last three quarters of 2020		99,900
			Dividend declaredpayable January 21, 2021		(77,700	)
			Balance		$22,200

Your working papers from the audit contain the following information:

1.		On April 1, 2020, the existing deficit was written off against paid-in capital created by reducing the stated value of the no-par stock.
2.		On November 1, 2020, 32,856 shares of no-par stock were sold for $285,270. The board of directors voted to regard $5 per share as stated capital.
3.		A patent was purchased for $16,650.
4.		During the year, machinery that had a cost basis of $18,204 and on which there was accumulated depreciation of $5,772 was sold for $9,990. No other plant assets were sold during the year.
5.		The 12%, 20-year bonds were dated and issued on January 2, 2008. Interest was payable on June 30 and December 31. They were sold originally at 106. These bonds were redeemed at 100.9 plus accrued interest on March 31, 2020.
6.		The 8%, 40-year bonds were dated January 1, 2020, and were sold on March 31 at 97 plus accrued interest. Interest is payable semiannually on June 30 and December 31. Expense of issuance was $931.
7.		Kingbird Corporation acquired 70% control in Crimson Company on January 2, 2020, for $111,000. The income statement of Crimson Company for 2020 shows a net income of $16,650.
8.		Major repairs to buildings of $7,992 were charged to Accumulated DepreciationBuildings.
9.		Interest paid in 2020 was $11,655 and income taxes paid were $37,740.

From the information given, prepare a statement of cash flows using the indirect method. A worksheet is not necessary, but the principal computations should be supported by schedules or general ledger accounts. The company uses straight-line amortization for bond interest. (Round answers to 0 decimal places, e.g. 2,500. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)