The comparative balance sheet of Alliance Structures Inc. for December 31, 2008 and 2007, is as follows (amounts in thousands):

The following additional information is taken from the records (all amounts in thousands):

a. Land was sold for \(\$ 15\).

b. Equipment was acquired for cash.

c. There were no disposals of equipment during the year.

d. The common stock was issued for cash.

e. There was a \(\$ 40\) credit to Retained Earnings for net income.

f. There was a \(\$ 12\) debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.obj. 3

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Cash Accounts receivable (net). Inventories Land Equipment. Dec. 31, 2008 Dec. 31, 2007 Assets Accumulated depreciation-equipment. Total Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, 51 par... Paid-in capital in excess of par--common stock Retained earnings Total $ 90 $ 23 30 27 24 21 35 55 32 22 (9) (5) $202 $143 $ 17 $ 10 1 6 3 30 10 148 120 $202 $143