E17-7 Scully Corporation's comparative balance sheets are presented below. SCULLY CORPORATION Comparative Balance Sheets December 31 2012 2011 Cash $14,300 $10,700 Accounts receivable 21,200 23,400 Land 20,000 26,000 Building 70,000 70,000 Accumulated depreciation (15,000) (10,000) Total $110,500 $120,100 Accounts payable $12,370 $31,100 Common stock 75,000 69,000 Retained earnings 23,130 20,000 Total $110,500 $120,100 Additional information: Net income was $22,630. Dividends declared and paid were $19,500. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900. Prepare a statement of cash flows for 2012 using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest e.g. 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SCULLY CORPORATION Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities $ Adjustments to reconcile net income to net cash provided by operating activities $ Net cash by operating activities Cash flows from investing activities Cash flows from financing activities Net cash by financing activities Net in cash Cash at beginning of period Cash at end of period $