Condensed comparative balance sheets of Posner Company at December 31, Years 1 and 2, appear as follows: Year 1 Cash Year 2 $53,000 37,000 Accounts receivable (net) Inventories $50,000 48,000 100,000 70,000 108,500 Investments Equipment Accumulated depreciation equipment 573,200 (142,000) 450,000 (176,000) Total assets $629,700 $542,000 $62,500 $43,800 100,000 285,000 335,000 Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par Retained earnings Total liabilities and stockholders' equity 70,000 55,000 162,200 58,200 $629,700 $542,000 The income statement for the current year is as follows: Sales $625,700 Cost of merchandise sold 340,000 $285,700 Gross profit Operating expenses: Depreciation expense Other operating expenses Income from operations $26,000 68,000 94,000 $191,700 Other revenue and expense: Gain on sale of investment $4,000 Interest expense (6,000) (2,000) Income before income tax Income tax expense $189,700 60,700 $129,000 Net income Additional data for the current year are as follows: Fully depreciated equipment costing $60,000 was scrapped, no salvage, and new equipment was purchased for $183,200. Bonds payable for $100,000 were retired by payment at their face amount . 5,000 shares of common stock were issued at $13 for cash. Cash dividends declared and paid, $25,000. 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. Posner Company Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Changes in current operating assets and liabilities: V1 Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: Q Cash balance, January 1, Year 2 Cash balance, December 31, Year 2