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Point 1: Rainbow Ltd. has just completed its first year of operations on December 31, 2020. Net income for the year was $570. During the year, equipment costing $800 was purchased when the company paid cash of $640 and issued common shares worth $160. Near the end of the year, equipment costing $60 with accumulated depreciation of $16 was sold for $54. At the end of the year, accounts receivable was $250, accounts payable was $36 and accumulated depreciation was $144. A bank loan of $140 was received during the year to help finance operations. At the end of the year, the bank had been paid $52 including $14 of interest.
Question 1: Based on the above information, please prepare the statement of cash flows for the year ended December 31, 2020 using the indirect method.
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