CLASSIFICATION OF CASH FLOWS Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of cash during 2009.

Net income $589,000 Increase in accounts receivable 32,000 Decrease in inventory 59,400 Decrease in prepaid insurance 45,800 Decrease in accounts payable 59,600 Decrease in income taxes payable 11,200 Increase in wages payable 21,600 Cash received from sale of investment 9,000 Cash paid for property, plant, and equipment 102,000 Depreciation expense 103,300 Proceeds from issuance of note payable 55,000 Payment on bonds payable 50,000 Cash received from issuance of common stock 25,000 Payment of cash dividends 55,000 Fannin had cash on hand at 1/1/09 of $218,500.

Required:

Prepare a properly formatted statement of cash flows using the indirect method.