Condensed financial data of Cadet Company are shown below.

Additional information:1. New plant assets costing $151,000 were purchased for cash during the year.2. Investments were sold at cost.3. Plant assets costing $36,000 and accumulated depreciation of $26,000 were sold for $13,000.4. A cash dividend of $45,000 was declared and paid during the year.InstructionsPrepare a statement of cash flows using the indirect method.

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CADET COMPANY Comparative Balance Sheets December 31 2012 Assets 2011 $ 78,700 $ 33,400 Cash Accounts receivable 72,970 37,000 121,900 89,500 320,000 (49,500) 102,650 107,000 205,000 (40,000) Inventory Long-term investments Plant assets Accumulated depreciation Total $633,570 $445,050 Liabilities and Stockholders' Equity $ 57,700 $ 48,280 Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings 15,100 140,000 18,830 70,000 200,000 107,940 250,000 170,770 Total $633,570 $445,050 CADET COMPANY Income Statement Data For the Year Ended December 31, 2012 Sales $294,500 3,000 Gain on sale of plant assets 297,500 Less: Cost of goods sold Operating expenses, excluding depreciation expense Depreciation expense $104,460 14,670 35,500 32,100 2,940 Income taxes Interest expense 189,670 $107,830 Net income