Condensed comparative balance sheets for Larson Co. at December 31, Years 1 and 2, appear as follows:

	Year 2	Year 1
Cash	$100,000	$78,000
Accounts receivable (net)	78,000	85,000
Inventories	101,500	90,000
Equipment	410,000	370,000
Accumulated depreciation	(150,000)	(158,000)
Total assets	$539,500	$465,000
Accounts payable (merchandise creditors)	$58,500	$55,000
Cash dividends payable	5,000	4,000
Common stock, $10 par	200,000	170,000
Paid-in capital in excess of par	62,000	60,000
Retained earnings	214,000	176,000
Total liabilities and stockholders equity	$539,500	$465,000

In addition to the balance sheet data, assume that:

Equipment costing $125,000 was purchased for cash.

Equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000.

The stock was issued for cash.

The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000.

Prepare a statement of cash flows for the year ended December 31, Year 2, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.