Shown below are comparative balance sheets for Schmitt Company. Prepare a statement of cash flows for 2014 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)). SCHMITT COMPANY

Additional information:
1. Net income for 2014 was $93,000.
2. Depreciation expense was $34,000.
3. Cash dividends of $39,000 were declared and paid.
4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
5. Common stock was issued for $42,000 cash.
6. No equipment was sold during 2014.
7. Land was sold for its book value.

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SCHMITT COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventorv 2014 2013 S 68,000 S22,000 76,000 88,000 167,000 189,000 80,000100,000 260.000 200,000 (66,000) (32,000) an Equipment Accumulated depreciation equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock (S1 par) Retained earnings Total S597,000 $555,000 S39.000 $43,000 150,000 200,000 216,000 174,000 192,000 138,000 S597,000 $555,000