Comparative balance sheets of Janxen Jeans Company for 2008 and 2007 are as follows: JANXEN JEANS COMPANY Comparative Balance Sheets Dec. 31, 2008 Dec. 31, 2007 Assets Current assets Cash Accounts receivable $ 180,000 120,000 $ 188,000- 133,000- Notes receivable Inventories Total current assets Non-current assets Land Machinery Accumulated amortization 50,000 61,000 439,000 326,000 789,000 708,000 545,000 500,000 483,000 238,000 (143,000) (98,000) Total non-current assets 885,000 640,000- Total assets $1,674,000 $1,348,000 Liabilities Current liabilities Accounts payable Interest payable $ 125,000 17,000 Total current liabilities 142,000 $ 158,000- 10,000- 168,000 Long-term debt 350,000 200,000- Total liabilities 492,000 368,000- Shareholders' equity Common shares Retained earnings 650,000 550,000 532,000 430,000 Total shareholders' equity 1,182,000 980,000 Total liabilities and shareholders' equity $1,674,000 $1,348,000 Additional information: 1. Net income was $146,000 and included amortization expense of $95,000. 2. A machine costing $70,000 was sold for $4,000 less than its book value (cost minus accumulated amortization) of $20,000. 3. No repayment of long-term debt occurred during 2008. 4. Dividends declared and paid during the year were Required: Prepare a cash flow statement for the year ended December 31, 2008.