Prepare the statement of cash flows using the indirect method. The income statement for 2014 and the balance sheets for 2014 and 2013 are presented for Griffin Industries.

Additional information follows:
a. Sold plant asset for $ 4,500. Original cost of this plant asset was $ 10,500 and it had $ 9,000 of accumulated depreciation associated with it.
b. Paid $ 5,500 on the bonds payable; issued $ 39,500 of new bonds payable.
c. Declared and paid cash dividends of $ 19,400.
d. Purchased new investment for $ 18,000.
e. Purchased new equipment for $ 40,500.

Requirement
Prepare a statement of cash flows for Griffin Industries, Inc., for the year ended December 31, 2014, using the indirectmethod.

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Griffin Industries, Inc. income Statement For the Year Ended December 31, 2014 957,000 384,000 5 Sales revenues 6 Less: Cost of goods sold 7 Gross profit 8 Less operating expenses: 9 Salaries and wages expense 10 Insurance expense 11 Deprediation expense 12 Other oper ting oxperses 13 Total operating expenses 14 Operating income 15 Plus other income and less other expenses: 16Interest expense 17 Gain on sale of PPSE 18 19 Income before income taxos 20 Less: Income tax expense 21 Net income -573,000 184,000 11,000 47,000 $ 245,000 : 5,200 Total other income and expenses 242,800 72,840 169,960 Griffin Industries, Inc. Comparative Balance Sheets December 31, 2014 and 2013 Assets 14 5 Current assets: 6 Cash 7 Accounts receivable $41000 290,000 129,000 210,000 8 Inventory 9 Prepaid insurance 10 Total current assets 332,000 7,000 885,000 634,500 12 Property, plant, and equipment 13 Less: Accumulated depredation 14 Investments 15 Total assets 16 17 18 Current liabilities 575,000 (112,000) 75,000 $ 1,433,000 |$ 1,172,500 605,000 (150,000) 93,000 Liabilities 59,000 S 16,000 19 Accounts payable finventcry purchases) 20 Wages payable 21 Interest payable 22 Income taxes payable 23 Other accrued expenses payable 24 Total current liabilities 25 26i Long term iabilities 39,000 17 400 800 9,500 700 S 146,34070,400 1400 63,840 27 Total liabilities 28 208,340 98,400 Stockholders' equity 29 30 Common stock 11Retained eamings 32 Total stockholders equity 608,000 10 1224660 S 1074 100 608,000 34 Total liablities and equity 35 1433000 S 1172,500