Condensed financial data of Ziebert Company are shown below.

Additional information:1. New plant assets costing $146,000 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 $48,000 was declared and paid during the year.InstructionsPrepare a statement of cash flows using the indirectmethod.

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ZIEBERT COMPANY Comparative Balance Sheets December 31 Assets 2010 2009 $ 33,400 37,000 $102,700 60,800 Cash Accounts receivable Inventories 126,900 102,650 107,000 Investments 79,500 315,000 Plant assets 205,000 Accumulated depreciation (44,500) (40,000) $640,400 $445,050 Total Liabilities and Stockholders' Equity $ 57,700 15,100 $ 48,280 18,830 Accounts payable Accrued expenses payable Bonds payable 145,000 70,000 200,000 250,000 Common stock Retained earnings 172,600 107,940 $640,400 Total $445,050 ZIEBERT COMPANY Income Statement For the Year Ended December 31, 2010 $297,500 Sales Gain on sale of plant assets 5,000 302,500 Less: $99,460 Cost of goods sold Operating expenses, excluding depreciation expense Depreciation expense Income taxes 19,670 30,500 37,270 Interest expense 2,940 189,840 Net income $112,660