Condensed financial data of Armstrong Company are shown below.

Additional information:
1. New plant assets costing $141,000 were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing $36,000 were sold for $15,000, resulting in a gain of $5,000.
4. A cash dividend of $58,000 was declared and paid during the year.

Instructions
Prepare a statement of cash flows using the indirect method

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ARMSTRONG COMPANY Comparative Balance Sheets December 31 2011 2010 Assets Cash Accounts receivable 97,700 33,400 37,000 102,650 107,000 205,000 49,500 40,000) $640,400 $445,050 70,800 121,900 89,500 310,000 Investments Plant assets Accumulated depreciation Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 62,700 48,280 18,830 70,000 200,000 107,940 $640,400 $445,050 15,100 140,000 250,000 172,600 Total ARMSTRONG COMPANY Income Statement For the Year Ended December 31, 2011 Sales Gain on sale of plant assets $297,500 5,000 302,500 Less: Cost of goods sold Operating expenses, excluding $99,460 depreciation expense 14,670 35,500 27,270 2,940 Income taxes Interest expense 179,840 $122,660 Net income