On the basis of the following data for Branch Co. for the current and preceding years ended December 31. Assume that equipment costing $125,000 was purchased for cash and the land was sold for $15,000. The stock was issued for cash and the only entries in the retained earnings account were for net income of $56,000 and cash dividends declared and paid of $18,000.

1 Current Year Prior Year 2 Cash 3 Accounts Receivable (net) $65,000.00 78,000.00 106,500.00 $54,000.00 85,000.00 4 Inventories 90,000.00 5 Land 6 Equipment 20,000.00 370,000.00 (158,000.00) $461,000.00 7 Accumulated Depreciation 495,000.00 (215,000.00) $529,500.00 $53,500.00 200,000.00 8 9 Accounts Payable (merchandise creditors) 10 Common Stock, $10 par 11 Paid-In Capital in Excess of Par-Common Stock 12 Retained Earnings $55,000.00 170,000.00 60,000.00 62,000.00 176,000.00 214,000.00 $529,500.00 13 $461,000.00 Required: Prepare a statement of cash flows using the indirect method. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments