Comparative balance sheets for Cincinnati Health Club are presented below.

Additional information:
1. Cincinnati Health Club reported net income of $2,700 for 2011.
2. No buildings nor equipment were sold during 2011. Equipment was purchased for $10,000 cash.
3. Depreciation expense for 2011 was $28,000.
4. Bonds payable of $50,000 were issued for cash during 2011.
5. Common stock of $30,000 was issued during 2011.
6. Cash dividends of $10,000 were declared and paid during 2011.

Required:
Using a spreadsheet, prepare a statement of cash flows for 2011. Assume Cincinnati Health Club uses the indirect method.

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Cincinnati Health Club Balance Sheets December 31, 2011 and 2010 2011 2010 Current assets: $ 5,300 10,500 19,800 $ 35,600 $ 9,200 8,900 18,600 Accounts receivable Total current assets 36,700 Property, plant, and equipment: Building Equipment 3 490,000 280,000 $770,000 Accumulated depreciation 148,000) $ 490,000 270,000 $760,000 Net property, plant and equipment 622,000 $657 600 640,000 676,700 Total assets LIABILTIES AND EQUITY Current liabilities: Accounts payable Salaries payable Income taxes 55,300 9,500 1,100 36,100 11,700 9,900 payable Total current liabilities 65,900 350,000 $415,900 57,700 Long-term liabilities: Bonds payable 400,000 $457,700 Total liabilities Equity $180,000 Common stock Relained eamings $150,000 69,000 Total equity 241,700 657,600 219,000 Total liabilities and equity $676700