A comparative statement of financial position for Carmichael Industries Inc. follows:

Additional information:
1. Net income for the fiscal year ending December 31, 2014, was $ 129,000.
2. Cash dividends of $60,000 were declared and paid. Dividends paid are treated as financing activities.
3. Bonds payable amounting to $50,000 were retired through issuance of common shares.
4. Land was sold at its carrying amount.
5. No equipment was sold during the year.
Instructions
(a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities.
(b) Comment in general on the results reported in the statement of cash flows.

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CARMICHAEL INDUSTRIES INC. Statement of Flnanclal Posltion December 31 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment 2014 $ 21,000 104,000 220,000 71,000 260,000 (69,000) $607,000 2013 $34,000 54,000 189,000 110,000 200,000 (42,000) $545,000 Total Liabilities and Shareholders' Equity Accounts payable Bonds payable Common shares Retained earnings Accumulated other comprehensive income $52,000 150,000 214,000 91,000 00,000 $607,000 $ 59,000 200,000 164,000 22,000 100,000 $545,000 Total