InnovationInnovation

Corporation is preparing its statement of cash flows for the past year. The company has gathered the following information about the past year just ended on December 31.

Retire bond payable (long-term). . . . . . .	$10,000		Decrease in accounts receivable. . . . . . . . . . .	$11,000
Paid dividends in cash. . . . . . . . . . . . .	$28,000		Increase in salaries payable. . . . . . . . . . . . . . . .	$9,000
Decrease in inventory. . . . . . . . . . . . . .	$6,000		Depreciation expense. . . . . . . . . . . . . . . . . . . .	$17,000
Decrease in accounts payable. . . . . . . .	$7,000		Increase in prepaid insurance. . . . . . . . . . . . . .	$600
Sold land (investment). . . . . . . . . . . . .	$23,000		Decrease in other short-term liabilities. . . . . . . .	$3,000
Increase in interest payable. . . . . . . . .	$400		Increase in taxes payable. . . . . . . . . . . . . . . . .	$4,000
Cash balance, beginning of year. . . . . .	$89,000		Purchase of new computer system with cash. . . .	$18,000
Net income. . . . . . . . . . . . . . . . . . . . .	$85,000

Requirement

Prepare a statement of cash flows for the past year using the indirect method.