Here are comparative balance sheets for Syal Company.

Syal Company Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 73,000 $ 33,000 Accounts receivable 85,000 71,000 Inventory 170,000 187,000 Land 73,000 100,000 Equipment 260,000 200,000 Accumulated depreciation—equipment (66,000) (34,000)

Total $595,000 $557,000 Liabilities and Stockholders’ Equity Accounts payable $ 35,000 $ 47,000 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 194,000 136,000 Total $595,000 $557,000 Additional information:

. Net income for 2014 was $103,000.

. Depreciation expense was $32,000.

Cash dividends of $45,000 were declared and paid.

Bonds payable amounting to $50,000 were redeemed for cash $50,000.

Common stock was issued for $42,000 cash.

. No equipment was sold during 2014. NONEBWNS . Land was sold for its book value of $27,000.

Instructions Prepare a statement of cash flows for 2014 using the indirect method.