Prepare a statement of cash flows using the indirect method.

Wildhorse Co. Comparative Balance Sheets December 31 Assets 2019 Cash $119,000 Accounts receivable 93,000 Inventory 113,000 Prepaid expenses 29,100 Investments 139,500 Equipment 264,800 Accumulated depreciation-equipment (46,500 ) Total $711,900 2018 $47,100 32,400 102,400 25,700 114,700 241,800 (51,700) $512,400 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,500 16,400 114,000 219,100 250,900 $711,900 $67,600 17,100 149,300 174,200 104,200 $512,400 $391,400 Wildhorse Co. Income Statement For the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold $134,700 Operating expenses, excluding depreciation 12,000 Depreciation expense 32,300 Income tax expense 26,800 Interest expense 4,700 Loss on disposal of plant assets 7,500 Net income 218,000 $173,400 Additional information: 1. New equipment costing $80,700 was purchased for cash during the year. 2. Old equipment having an original cost of $57,700 was sold for $12,700 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $26,700 was declared and paid during the year