O’Malley Corporation accountants assembled the following data for the year ended December 31,2010:

Requirement 1. Prepare O’Malley Corporation’s statement of cash flows using the indirect method to report operating activities. List noncash investing and financing activities on an accompanying schedule.

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December 31 Current Assets: Cash and Cash Equivalents Accounts Receivable. Inventory....... Current Liabilities: Accounts Payable...... Income Tax Payable. Transaction Data for 2010: Net Income O'Malley Corporation 2010 2009 $85,000 $22,000 69,200 64,200 80,000 83,000 $57,800 $55,800 14,700 16,700. $ 57,000 Purchase of treasury stock 14,000 Issuance of common stock for cash 41,000 Loss on sale of equipment 11,000 Payment of cash dividends. 18,000 Depreciation Expense.......... 21,000 Issuance of long-term note payable in exchange for cash 34,000 Purchase of building for cash 125,000 Retirement of bonds payable by issuing common stock.. 65,000 Sale of equipment for cash.... 58,000