Condensed financial data of Norway Company follow.

Additional information:
1. New plant assets costing \(\$ 92,000\) were purchased for cash during the year.
2. Investments were sold at cost.
3. Plant assets costing \(\$ 47,000\) were sold for \(\$ 15,550\), resulting in a gain of \(\$ 8,750\).
4. A cash dividend of \(\$ 78,400\) was declared and paid during the year.
\section*{Instructions}
Prepare a statement of cash flows using the indirect method.

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Assets Cash Accounts receivable Inventories Investments Plant assets Accumulated depreciation Total NORWAY COMPANY Comparative Balance Sheet December 31 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total 1998 $ 96,700 86,800 121,900 1997 $ 47,250 57,000 102,650 84,500 87,000 250,000 205,000 (49,500) (40,000) $590,400 $458,900 $ 52,700 $ 48,280 12,100 18,830 100,000 70,000 250,000 200,000 175,600 121,790 $590,400 $458,900