Based on the information provided below, prepare a Statement of Cash Flows for the company for the year ended December 31, 2004. Use the indirect method to calculate cash flows from operations.

The Balance Sheet and Income Statement for "We. Love Motorcycles" for the year- ending December 31, 2004 are as follows: We Love Motorcycles Comparative Balance Sheets December 31.2003 December 31, 2004 Assets Current Assets: $130,000 420,000 530,000 1,080,000 $189,000 471,000 642,000 1,302,000 Cash and cash equivalents Accounts Receivable, net Inventory Total Current Assets Land Property & Equipment - at cost 242,500 321,000 Less Accumulated depreciation Net Property & Equipment 750,000 (425,000) 325,000 999,000 (546,000) 453,000 $1,647,500 $2,076,000 Total Assets