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The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.
| ROTHLISBERGER COMPANY Comparative Balance Sheets December 31 |
| Assets | | 2020 | | 2019 |
| Cash | | $57,000 | | | $49,000 | |
| Accounts receivable | | 41,700 | | | 65,000 | |
| Inventory | | 150,400 | | | 146,100 | |
| Prepaid expenses | | 14,000 | | | 21,100 | |
| Land | | 101,900 | | | 135,800 | |
| Buildings | | 200,900 | | | 200,900 | |
| Accumulated depreciationbuildings | | (57,700 | ) | | (31,100 | ) |
| Equipment | | 230,700 | | | 157,200 | |
| Accumulated depreciationequipment | | (42,200 | ) | | (35,400 | ) |
| Total | | $696,700 | | | $708,600 | |
| Liabilities and Stockholders Equity | | | | | | |
| Accounts payable | | $46,000 | | | $39,300 | |
| Bonds payable | | 260,000 | | | 291,100 | |
| Common stock, $1 par | | 190,800 | | | 159,700 | |
| Retained earnings | | 199,900 | | | 218,500 | |
| Total | | $696,700 | | | $708,600 | |
Additional information:
| 1. | | Operating expenses include depreciation expense of $42,000 and charges from prepaid expenses of $7,100. |
| 2. | | Land was sold for cash at book value. |
| 3. | | Cash dividends of $64,300 were paid. |
| 4. | | Net income for 2020 was $45,700. |
| 5. | | Equipment was purchased for $95,000 cash. In addition, equipment costing $21,500 with a book value of $12,900 was sold for $6,700 cash. |
| 6. | | Bonds were converted at face value by issuing 31,100 shares of $1 par value common stock. |
Prepare a statement of cash flows for the year ended December 31, 2020, using the indirect method.
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