Condensed financial data of Motamedi Company appears below. Motamedi Company follows ASPE.

MOTAMEDI COMPANY

Comparative Balance Sheet

December 31,2023

Assets 2023 2022

Cash $ 89,000 $ 34,200

Accounts receivable 86,100 29,000

Inventories 107,350 99,450

Prepaid expenses 15,250 13,000

Investments (Long-Term) 105,000 91,000

Equipment 266,900 238,000

Accumulated depreciation - Equipment (50,000) (51,000)

$619,600 $453,650

Liabilities and Shareholders Equity

Accounts payable $ 87,300 $ 62,350

Salaries payable 12,500 14,000

Bonds payable 80,000 105,000

Common shares 210,000 170,000

Retained earnings 229,800 102,300

$619,600 $453,650

MOTAMEDI COMPANY

Income Statement Data

For the Year Ended December 31, 2023

Sales $348,780

Less:

Cost of goods sold $123,060

Operating expenses 15,410

(excluding depreciation)

Depreciation expense 43,100

Income tax expense 9,280

Interest expense 5,730

Loss on sale of equipment 5,500 202,080

Profit $146,700

Additional information:

1. New equipment costing $81,000 was purchased for cash during the year.

2. Old equipment with an original cost of $52,100 was sold for $2,500 cash.

3. Bonds matured and were paid off in cash.

4. A cash dividend of $19,200 was declared and paid during the year.

Instructions:

Prepare a cash flow statement for the year ended December 31, 2023 using the indirect method.