Comparative balance sheets, income statement, and additional financial information for Washington Bullets Trust appear below:

Washington Bullets Trust

Comparative Balance Sheet

December 31

	2021	2020
Assets
Cash and cash equivalents	$ 128,900	$ 134,700
Accounts receivable	85,100	144,800
Merchandise inventory	725,400	526,000
Prepaid expenses	22,000	7,900
Supplies	7,500	1,200
Property, plant, and equipment	964,500	1,084,500
Accumulated depreciation	(112,800)	(99,000)
Total assets	$ 1,820,600	$ 1,800,100
Liabilities and equity
Liabilities:
Accounts payable	$ 107,100	$ 26,800
Unearned revenues	22,900	43,700
Notes payable, long-term	580,000	900,000
Total liabilities	710,000	970,500
Equity:
Common stock	180,000	80,000
Additional paid-in capital	900,000	600,000
Retained earnings	30,600	149,600
Total equity	1,110,600	829,600
Total liabilities and equity	$ 1,820,600	$ 1,800,100

Washington Bullets Trust

Income Statement

For Year Ended December 31, 2021

Sales		$ 829,200
Cost of goods sold		589,600
Gross profit		239,600
Operating expenses:
Selling, general, and administrative expenses	$ 104,800
Depreciation expense	63,800
Total operating expenses		168,600
Operating income		71,000
Gain on sale of property, plant, and equipment		24,700
Pretax income		95,700
Income tax expense		46,700
Net income		$ 49,000

Additional information:

1. Washington Bullets purchased $26,000 of property, plant, and equipment during the year.
2. Washington Bullets sold property, plant, and equipment with a book value of $96,000 during the year.
3. Washington Bullets issued additional common stock above par value.

Instructions: Using the indirect method, prepare a statement of cash flows for the year ended December 31, 2021 in accordance with generally accepted accounting principles. Skip supplemental cash flow information.