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The comparative balance sheets for Cullumber Corporation show the following information.
| | | December 31 |
| | | 2020 | | 2019 |
| Cash | | $33,600 | | $12,900 |
| Accounts receivable | | 12,300 | | 10,100 |
| Inventory | | 12,200 | | 8,900 |
| Available-for-sale debt investments | | 0 | | 3,000 |
| Buildings | | 0 | | 29,600 |
| Equipment | | 45,200 | | 19,900 |
| Patents | | 5,100 | | 6,200 |
| | | $108,400 | | $90,600 |
| | | | | |
| Allowance for doubtful accounts | | $2,900 | | $4,400 |
| Accumulated depreciationequipment | | 2,000 | | 4,500 |
| Accumulated depreciationbuilding | | 0 | | 6,100 |
| Accounts payable | | 5,100 | | 3,000 |
| Dividends payable | | 0 | | 4,900 |
| Notes payable, short-term (nontrade) | | 2,900 | | 4,000 |
| Long-term notes payable | | 31,000 | | 25,000 |
| Common stock | | 43,000 | | 33,000 |
| Retained earnings | | 21,500 | | 5,700 |
| | | $108,400 | | $90,600 |
Additional data related to 2020 are as follows.
| 1. | | Equipment that had cost $11,100 and was 40% depreciated at time of disposal was sold for $2,500. |
| 2. | | $10,000 of the long-term note payable was paid by issuing common stock. |
| 3. | | Cash dividends paid were $4,900. |
| 4. | | On January 1, 2020, the building was completely destroyed by a flood. Insurance proceeds on the building were $30,100 (net of $2,000 taxes). |
| 5. | | Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. |
| 6. | | Cash was paid for the acquisition of equipment. |
| 7. | | A long-term note for $16,000 was issued for the acquisition of equipment. |
| 8. | | Interest of $2,000 and income taxes of $6,400 were paid in cash. |
Prepare a statement of cash flows using the indirect method.
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