Prepare Benning's statement of cash flows for the year ended Dec. 31, 20X1, using the indirect method.

The following information is available for the Benning Corporation for the year ended Dec. 31, 20X1:

Collection of principal on long-term loan to a supplier	$35,000
Acquisition of equipment for cash	10,000
Proceeds from sale of long-term investment at book value	27,000
Issuance of common stock for cash	20,000
Depreciation expense	25,000
Redemption of bonds payable at carrying (book) value	24,000
Payment of cash dividends	9,000
Net income	35,000
Purchase of land by issuing bonds payable	40,000

In addition, the following information is available from the comparative balance sheet for Benning at the end of 20X1 and 20X0:

	20X1		20X0
Cash	$107,000		$14,000
Accounts receivable (net)	20,000		15,000
Prepaid insurance	17,000		13,000
Total current assets	$144,000		$42,000
Accounts payable	$25,000		$19,000
Salaries payable	4,000		7,000
Total current liabilities	$29,000		$26,000