Preparation of Statement of Cash Flows (Indirect Method)
the Following

Preparation of statement of cash flows (indirect method)
The following information is taken from Green Lake Corporation's financial statements. Green Lake adheres to ASPE: $\begin{array}{ll} & \text{ \quad \quad \quad \quad December 31 } \\\text{ } & \text{ \underline{\text{ 2020 }} }& \text{ \underline{\text{ 2019}} } \\\text{ Cash. }............................................................................. & \$ 92,000 & \$ 27,000 \\\text{ Accounts receivable } .......................................................& 95,000 & 80,000 \\\text{ Allowance for doubtful accounts }................................. & (4,500) & (3,100) \\\text{ Inventory. } ..................................................................& 145,000 & 175,000 \\\text{ Prepaid expenses } .......................................................& 7,500 & 6,800 \\\text{ Land } ........................................................................ & 93,000 & 60,000 \\\text{ Buildings }.................................................................. & 287,000 & 244,000 \\\text{ Accumulated depreciation } ......................................... & (35,000) & (13,000) \\\text{ Patents, net of accumulated amortization } ................... &\underline{\text{ 20,000 }} & \underline{\text{ 35,000 }}\\\text{ Total Assets. } & \underline{\text{ \underline{\text{ \$700,000 }} }} & \underline{\text{\underline{\text{ \$611,700 }} }} \\ \end{array}$




$\begin{array}{ll} & \text{ \quad \quad \quad \quad \quad\quad\quad\quad\quad\quad } \\\text{ Accounts payable } ....................................................... & \$ 90,000 & \$84,000 \\\text{ Accrued liabilities} .......................................................& 54,000 & 63,000 \\\text{ Bonds payable} ...............................................................& 125,000 & 60,000 \\\text{ Common shares } ...........................................................& 100,000 & 100,000 \\\text{ Retained earnings } .......................................................& 346,000 & 312,700 \\\text{ Treasury shares, at cost } ................................................& (15,000) & (8,000) \\\text{ Total Liabilities } \text{ \& Shar eholders' Equity } ...................... &\text{ \underline{\text{ \$ 700,000 }} } & \underline{\text{\$611,700 }} \\ \end{array}$


$\begin{array}{ll} & & \text{ For 2020 Year } \\\text{ Net income } ............................................................& & \$ 53,300 \\\text{ Depreciation expense } ............................................ & & 22,000 \\\text{ Amortization of patents } ......................................... & & 7,000 \\\text{ Cash dividends declared and paid }........................ & & 20,000 \\\text{ Gain or loss on disposal of patents } ........................& &\text{ none } \\ \end{array}$ Instructions
Prepare a statement of cash flows (indirect method) for Green Lake Corporation for calendar 2020.