Condensed financial data of Splish Brothers Inc. follow. Splish Brothers Inc. Comparative Balance Sheets December 31 Assets 2020 2019 Cash $ 116,800 $ 48,100 Accounts receivable 92,000 32,300 Inventory 111,800 102,000 Prepaid expenses 29,200 25,200 Investments 139,100 113,000 Equipment 265,400 242,300 Accumulated depreciation-equipment ( 47,900 ) ( 51,400 ) Total $ 706,400 $ 511,500 Liabilities and Stockholders’ Equity Accounts payable $ 111,600 $ 68,000 Accrued expenses payable 16,300 17,100 Bonds payable 112,600 149,000 Common stock 220,100 176,000 Retained earnings 245,800 101,400 Total $ 706,400 $ 511,500 Splish Brothers Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $ 391,900 Less: Cost of goods sold $ 135,500 Operating expenses, excluding depreciation 11,100 Depreciation expense 33,200 Income tax expense 27,500 Interest expense 4,700 Loss on disposal of plant assets 7,500 219,500 Net income $ 172,400 Additional information: 1. New equipment costing $ 80,200 was purchased for cash during the year. 2. Old equipment having an original cost of $ 57,100 was sold for $ 12,900 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $ 28,000 was declared and paid during the year. Prepare a statement of cash flows using the indirect method.