A corporation issued the following comparative balance sheets for 2018 and 2019. Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities. Assume the following: (1) Equipment costing $180,000 was purchased for cash, (2) equipment costing $57,000, fully depreciated, was sold for $17,500; (3) stock was issued for cash; (4) the only entries in the retained earnings account were net income of $92,000 and cash dividends declared of $18,000.

	2018	2019
Cash	$232,000	$183,500
Accounts Receivable	128,000	105,000
Inventories	90,000	106,500
Equipment	850,000	685,000
Accumulated Depreciation	(380,000)	(378,000)
Total Assets	$920,000	$702,000
Accounts Payable	$82,000	$71,000
Cash dividends payable	7,000	5,000
Common stock, $5 par value	285,000	260,000
Paid-in Capital in Excess of Par-common stock	305,000	190,000
Retained Earnings	241,000	176,000
Total Liabilities & Stockholders' Equity	$920,000	$702,000