Blackwell Company's income statement for 2020 consisted of: ...

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Blackwell Company's income statement for 2020 consisted of:

	Revenues		1,220,000
	Cost of goods sold	627,000
	Operating expenses	295,000
	Depreciation expense	60,000
	Interest expense	26,000
	Gain on the sale of machinery	(12,000)
	Loss on the sale of investments	8,000	1,004,000
	Income before income tax		216,000
	Income tax expense		40,000
	Net income		176,000

Blackwell's comparative balance sheet information for 2020 included:

		12/31/20	12/31/19
	Accounts receivable	268,000	257,000
	Accounts payable	47,000	42,000
	Income taxes payable	17,000	13,500
	Interest payable	9,000	7,500
	Bonds payable	500,000	500,000
	Discount on bonds payable	26,000	28,000

Prepare the Cash flows from operating activities section of Blackwell's 2020 Statement of Cash Flows using the indirect method
and the required disclosures for interest and income tax expense.

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