MICHAEL JACKSON GREATEST STAR EVER COMPANY
Comparative Balance Sheets
For period Ending Dec. 31
Assets	2008	2007
Cash	77,380	23,320
Accounts receivable	90,100	80,560
Inventories	180,200	200,340
Land	79,500	106,000
Equipment	275,600	212,000
Accumulated depreciation	(69,960)	(33,920)
Total	632,820	588,300
Liabilities and Stockholders' Equity
Accounts payable	41,340	49,820
Bonds payable	159,000	212,000
Common stock ($1 par)	228,960	184,440
Retained earnings	203,520	142,040
Total	632,820	588,300
Additional information:
Net income for 2008 was $109,180.
Cash dividends of $47,700 were declared and paid.
Bonds payable amounting to $53,000 were redeemed for cash $53,000.
Common stock was issued for $44,520 cash.
No equipment was sold during 2008.
Instructions: Prepare a statement of cash flows for 2008 using the indirect method. (19 pts)