Prepare a Statement of Cash Flows (indirect method) for the year ended 2019 using the following comparative balance sheets and provided additional information.

a. Net income is $140,000. This includes a $132,000 loss on the sale of a piece of land which had been condemned by local government.

b. Cash dividends of $128,000 were declared on December 15, 2019, and are payable January 15, 2020.

c. Some long-term investments were sold for $140,000.

d. A building which cost $480,000 and had a book value of $300,000 was sold for $400,000.

e. The following entry was made to record an exchange of an old machine for a new old: Machinery 160,000 Accumulated Deprec-Mach. 40,000 Machinery 60,000 Cash 140,000

f. A fully depreciated copier machine which cost $28,000 was written off.

g. The company sold 12,000 shares of its own common stock on June 15, 2019 for $25 a share.

h. Bonds were sold at 104 (%) on December 31, 2019.

i. Land that was sold through the condemnation process had a book value of $240,000 (see a. above for more details).

Comparative Balance Sheets 2019 Cash 1,695,500 Accounts receivable, ne 1,315,500 Inventory 1,925,000 Long-term investment 305,000 Land Buildings 2,260,000 Machinery 500,000 Office equipment 307,000 Accumulated depreciation: Buildings (880,700) Machinery (176,000) Office equipment (108,300) Total assets 7,143,000 2018 1,489,900 1,393,500 1,687,800 449,000 240,000 1,120,000 400,000 335,000 (856,700) (156,000) (120,300) 5,982,200 1,011,200 33,000 Accounts payable Accrued liabilities Dividends payable Bonds payable Premium on bonds Preferred stock (S50 pa Common stock (no par) Retained earnings Total liab & SE 828,000 105,000 128,000 800,000 32,000 260,000 1,920,800 3,069,200 7,143,000 260,000 1,620,800 3,057,200 5,982,200