Fred Slezak presented the following comparative balance sheet:

Additional information about transactions and events occurring in 20X5 follows:

Dividends of \($55\),000 were declared and paid.

Accounts payable and accounts receivable relate solely to purchases and sales of inventory.

Prepaid items related only to advertising expenses.

The decrease in land resulted from the sale of a parcel at a \($45\),000 loss. No land was 

purchased during the year. Equipment was purchased during the year in exchange for a  promissory note payable. No equipment was sold.

The increase in paid-in capital resulted from issuing additional shares for cash.

The income statement for the year ending December 31, 20X5, included the following key amounts:

Prepare Fred Slezak's statement of cash flows for the year ending 20X5. Use the indirect approach, and include required supplemental information about cash paid for interest and taxes.

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FRED SLEZAK CORPORATION Comparative Balance Sheet December 31, 20X5 and 20X4 ASSETS 20X5 20X4 Current assets Cash Accounts receivable Inventories Prepaid expenses Total current assets Property, plant, and equipment Land Building $ 664,000 $ 9,000 375,000 345,000 150,000 160,000 35,000 25,000 $1,224,000 $ 539,000 $ 300,000 $ 400,000 700,000 700,000 Equipment 530,000 450,000 $1,530,000 $1,550,000 Less: Accumulated depreciation (300,000) (270,000) Total property, plant, and equipment $1,230,000 $1,280,000 Total assets $2,454,000 $1,819,000 LIABILITIES