Norwich Manufacturing, Inc. provided you with the following comparative balance sheets for the current and prior year, and the income statement for the current year.

	Current Year	Prior Year
Cash	45,000	22,000
Available-for-sale debt investments	58,000	82,000
Accounts Receivable -- net	95,000	55,000
Merchandise Inventory	135,000	95,000
Total Current Assets	333,000	254,000
Investments in affiliate companies	265,000	100,500
Property, plant, and equipment -- net	1,364,500	1,530,500
Intangible assets -- net	87,500	125,000
Total Noncurrent Assets	1,717,000	1,756,000
Total Assets	2,050,000	2,010,000
Current portion of long-term debt	25,000	65,800
Accounts payable	170,000	110,000
Dividends payable	75,000	55,000
Accrued payroll liabilities	17,000	18,500
Income taxes payable	65,800	58,500
Deferred tax liability	62,500	72,500
Total Current Liabilities	415,300	380,300
Bonds payable	400,000	400,000
Less: Discount on bonds payable	(128,500)	(145,000)
Notes payable	225,500	225,000
Deferred tax liability	62,500	72,500
Net obligations under pension plans	80,000	60,000
Total Noncurrent Liabilities	577,000	540,000
Total Liabilities	992,300	920,300
Common stock -- $1 par	135,000	135,000
Paid-in capital in excess of par -- common	351,500	351,500
APIC -- stock options	16,500	0
Retained earnings	685,000	523,700
Accumulated other comprehensive income	(130,300)	79,500
Total Stockholders' Equity	1,057,700	1,089,700
Total Liabilities & Stockholders' Equity	2,050,000	2,010,000

Sales		2,433,244
Cost of goods sold		1,459,946
Gross profit		973,298
Payroll expense	59,800
Bad debt expense	1,650
Depreciation expense	19.470
Amortization expense	7,425
Total Selling, General, and Administrative Expenses		88,345
Investment income (includes gain on sale)	55,000
Interest expense	(55,110)
Pension expense	(260,510)
Equity earnings from affiliate companies	164,500
Total Other Revenues and (Expenses)		(96,120)
Income before tax		788,833
Income tax expense		(301,873)
Net Income		486,960

Additional Information:

The company sold available-for-sale investments that had been acquired for $55,000 at a gain of $40,500. It included this gain in investment income on the income statement.

The company acquired additional shares as investments to be carried at fair value. It accounted for all investments, except for investments carried under the equity method, as available-for-sale securities. It recorded a $9,000 unrealized loss for the current year.

It reported accounts receivable net of the allowance for bad debts.

It sold equipment at book value.

It did not increase its percentage ownership of its equity investee (affiliate company).

It sold one of its franchises at book value.

It signed a $100,000 promissory note issued by an equipment dealer in the acquisition of a plant asset.

Included in payroll expense is an amount charged to a stock-based compensation expense account.

Required:

Prepare the statement of cash flows for Norwich for the current year using the indirect method.