Carlson Corporation accountants have assembled the company's data for the year ended December 31, 2007.

Requirement 

Prepare Carlson Corporation's statement of cash flows using the indirect method to report operating activities. Include an accompanying schedule of noncash investing and financing activities.

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Current Accounts: December 31, 2007 2006 Current assets: Cash and cash equivalents. $50,000 $22,000 Accounts receivable 69,200 64,200 Inventories........... 80,000 83,000 Current liabilities: Accounts payable............ Income tax payable.................. $57,800 $55,800 14,700 16,700 Transaction Data for 2007: Net income. $ 57,000 Purchase of treasury stock.... $14,000 Issuance of common stock Loss on sale of equipment.... 11,000 for cash......... 41,000 Payment of cash dividends.... 18,000 Depreciation expense. 21,000 Issuance of long-term note Purchase of building............. 160,000 Retirement of bonds payable to borrow cash..... 34,000 Sale of equipment. 58,000 payable by issuing common stock............... 65,000