Comparative balance sheet statements of Irving Inc. are presented below:

Irving Inc.

COMPARATIVE BALANCE SHEET ACCOUNTS

December 31, 2018 and 2017

December 31

Assets20182017

Cash$27,000$20,000

Accounts Receivable 45,50048,000

Less: Allowance for Doubtful Accounts(1,500) (1,000)

Inventory55,00050,000

Dividend Receivable3,0002,000

Investments7,00010,000

Land70,00040,000

Buildings & Equip.231,000250,000

Less: Accumulated depreciation(35,000)(50,000)

Totals$408,000$369,000

Liabilities

Accounts Payable13,00020,000

Salaries Payables2,0005,000

Interest payable4,0002,000

Income tax payable7,0008,000

Note payable22,0000

Bonds Payable98,00070,000

Less: Discount on bonds (2,000)(3,000)

Shareholders' Equity

Common Stock210,000200,000

Paid-in-capital-excess of par25,00020,000

Retained earnings39,00047,000

Less: Treasury stock (at cost)(10,000) 0

Total$408,000$369,000

Additional data (all transactions occurred in 2018 unless otherwise specified):

1. There were no write-offs of uncollectible accounts in 2018.

2. A building that originally cost $30,000 with accumulated depreciation balance of $20,000 was sold for $2,000.

3. Investments costing $3,000 was sold during the year for $5,000.

4. Land was acquired by paying $8,000 cash and issuing a 13%, seven-year, $22,000 note payable to the seller.

5. New equipment was purchased for $11,000 cash.

6. On January 1, $28,000 of bonds was sold at face value.

7. On January 19, Irving issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $15 per share at that time.

8. Cash dividends of $15,000 were paid to shareholders.

9. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $10,000. Irving uses the cost method to account for treasury stock.

Irving's 2018 income statement follows (ignore taxes):

Revenues

Sales$200,000

Dividend revenue3,000

Gain on sale of investments2,000205,000

Expenses

Cost of goods sold120,000

Operating expenses26,000

Depreciation expense5,000

Interest expense8,000

Loss on sale of building8,000

Income Tax Expense 16,000183,000

Net income$ 22,000

Required:

create a statement of cash flows for Irving Corporation for the year ended 2018.