Cash Flows P17-9C Condensed financial data of Wanwright Company are shown below. WANWRIGHT COMPANY Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 92,700 $ 33,400 Accounts receivable 70,800 37,000 Inventory 131,900 102,650 Investments 84,500 107,000 Plant assets 310,000 205,000 Accumulated depreciation (49,500) (40,000) Total $640,400 $445,050 Liabilities and Stockholders Equity Accounts payable $ 62,700 $ 48,280 Accrued expenses payable 15,100 18,830 Bonds payable 140,000 70,000 Common stock 250,000 200,000 Retained earnings 172,600 107,940 Total $640,400 $445,050 WANWRIGHT COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue $297,500 Gain on sale of plant assets 5,000 302,500 Less: Cost of goods sold $119,460 Operating expenses, excluding depreciation expense 14,670 Depreciation expense 35,500 Income taxes 27,270 Interest expense 2,940 199,840 Net income $102,660 Additional information: 1. New plant assets costing $141,000 were purchased for cash during the year. 2. Investments were sold at cost. 3. Plant assets costing $36,000 were sold for $15,000, resulting in a gain of $5,000. 4. A cash dividend of $38,000 was declared and paid during the year. Instructions Prepare a statement of cash flows using the indirect method.