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Joyner Companys income statement for Year 2 follows: Sales $ 705,000 Cost of goods sold 207,000 Gross margin 498,000 Selling and administrative expenses 217,000 Net

Joyner Companys income statement for Year 2 follows:

Sales

$

705,000

Cost of goods sold

207,000

Gross margin

498,000

Selling and administrative expenses

217,000

Net operating income

281,000

Gain on sale of equipment

9,000

Income before taxes

290,000

Income taxes

116,000

Net income

$

174,000

Its balance sheet amounts at the end of Years 1 and 2 are as follows:

Year 2

Year 1

Assets

Cash

$

124,400

$

104,000

Accounts receivable

265,000

113,000

Inventory

318,000

282,000

Prepaid expenses

10,500

21,000

Total current assets

717,900

520,000

Property, plant, and equipment

626,000

504,000

Less accumulated depreciation

165,100

131,800

Net property, plant, and equipment

460,900

372,200

Loan to Hymans Company

48,000

0

Total assets

$

1,226,800

$

892,200

Liabilities and Stockholders' Equity

Accounts payable

$

314,000

$

263,000

Accrued liabilities

44,000

55,000

Income taxes payable

85,700

81,200

Total current liabilities

443,700

399,200

Bonds payable

201,000

108,000

Total liabilities

644,700

507,200

Common stock

344,000

289,000

Retained earnings

238,100

96,000

Total stockholders' equity

582,100

385,000

Total liabilities and stockholders' equity

$

1,226,800

$

892,200

Equipment that had cost $30,700 and on which there was accumulated depreciation of $10,700 was sold during Year 2 for $29,000. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock. What's the statement of cash flows?

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