The comparative balance sheets for Strackman Lux Company as of December 31 are presented below.

Strackman Lux Company Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 59,520 $ 45,000 Accounts receivable 44,000 62,000 Inventory 154,550 142,000 Prepaid expenses 15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000 Accumulated depreciation—buildings (60,000) (40,000)

Equipment 228,000 155,000 Accumulated depreciation—equipment (45,000) (35,000)

Total $741,350 $680,000 Liabilities and Stockholders’ Equity Accounts payable $ 46,350 $ 40,000 Bonds payable 300,000 300,000 Common stock, $1 par 195,000 160,000 Retained earnings 200,000 180,000 Total $741,350 $680,000 Additional information:

1. Operating expenses include depreciation expense of $40,000.

2. Land was sold for cash at book value of $20,000.

. Cash dividends of $25,000 were paid.
. Net income for 2014 was $45,000.
5. Equipment was purchased for $95,000 cash. In addition, equipment costing $22,000 Cash from operations $108,520 with a book value of $12,000 was sold for $6,000 cash.
6. Issued 35,000 shares of $1 par value common stock in exchange for land with a fair value of $35,000.
Instructions Prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method.