11. The balance sheets for Braun Company, for the years ended December 31, 2015 and 2014, are as follows:

2015

2014

Cash

$ 53,000

$ 50,000

Accounts receivable (net)

25,000

48,000

Inventories

120,500

100,000

Investments

.....

70,000

Equipment

573,200

450,000

Accumulated depreciation-equipment

(142,000)

(176,000)

$629,700

$542,000

Accounts payable

$ 62,500

$ 43,800

Bonds payable, due 2012

.....

100,000

Common stock, $10 par

325,000

285,000

Paid-in capital in excess of par--

common stock

80,000

55,000

Retained earnings

162,200

58,200

$629,700

$542,000

The income statement for the current year is as follows:

Sales

$625,700

Cost of merchandise sold

340,000

Gross profit

$285,700

Operating expenses:

Depreciation expense

$26,000

Other operating expenses

68,000

94,000

Income from operations

$191,700

Other income:

Gain on sale of investment

$ 4,000

Other expense:

Interest expense

6,000

(2,000)

Income before income tax

$189,700

Income tax

60,700

Net income

$129,000

Additional information:

(a)

Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200.

(b)

Bonds payable for $100,000 were retired by payment at their face amount.

(c)

5,000 shares of common stock were issued at $13 for cash.

(d)

Cash dividends declared and paid, $25,000.

Required: Prepare a statement of cash flows, using the indirect method.