Accountants for Smithson, Inc., have assembled the following data for the year ended December 31, 2012:

Requirement
1. Prepare Smithson's statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financingactivities.

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December 31, 2012 2011 Current Accounts: Current assets: $ 26,000 $ 106,100 Cash and cash equivalents Accounts reccivable 64,300 68,900 Inventories 80,000 75,000 Current liabilitics: Accounts payable . Income tax payable 57,700 56,100 14,500 17,000 Transaction Data for 2012: Payment of note payable $ 45,000 Payment of cash dividends 18,000 Issuance of note payable Issuance of common stock $46,100 for cash ... Depreciation expense Purchase of equipment Acquisition of land by issuing long-term note payable ... 52,000 to borrow cash 70,000 68,000 Gain on sale of building Net income.. Cost basis of building sold 3,500 113,000 68,500 $50,000 .....