Condensed financial data of Turner Inc. follow.

Additional information:
1. New plant assets costing $90,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $30,000 were sold for $2,000 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,000 was declared and paid during the year.
Instructions
Prepare a statement of cash flows using the indirectmethod.

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TURNER INC. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total 2014 37,000 57,000 45,000 17,000 162,000 580,000 (211,000) $687,000 2013 33,000 41,000 48,000 14,000 130,000 520,000 (180,000) $606,000 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 44,000 21,000 180,000 175,000 267,000 $687,000 51,000 15,000 220,000 150,000 170,000 $606,000 TURNER INC. Income Statement Data For the Year Ended December 31, 2014 Sales revenue Less $610,000 Cost of goods sold Operating expenses, excluding $290,000 depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 65,000 50,000 47,000 12,000 9,000 473,000 $137,000 Net income