Problem 12-9A

Condensed financial data of Odgers Inc. follow.

ODGERS INC. Comparative Balance Sheets December 31
Assets		2014			2013
Cash		$ 173,720			$ 104,060
Accounts receivable		188,770			81,700
Inventory		241,875			221,128
Prepaid expenses		61,060			55,900
Long-term investments		296,700			234,350
Plant assets		612,750			521,375
Accumulated depreciation		(107,500	)		(111,800	)
Total		$1,467,375			$1,106,713
Liabilities and Stockholders Equity
Accounts payable		$ 219,300			$ 144,695
Accrued expenses payable		35,475			45,150
Bonds payable		236,500			313,900
Common stock		473,000			376,250
Retained earnings		503,100			226,718
Total		$1,467,375			$1,106,713

ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
Sales revenue				$835,189
Less:
Cost of goods sold		$291,239
Operating expenses, excluding depreciation		26,682
Depreciation expense		99,975
Income tax expense		58,652
Interest expense		10,170
Loss on disposal of plant assets		16,125		502,843
Net income				$ 332,346

Additional information:

1.		New plant assets costing $215,000 were purchased for cash during the year.
2.		Old plant assets having an original cost of $123,625 and accumulated depreciation of $104,275 were sold for $3,225 cash.
3.		Bonds payable matured and were paid off at face value for cash.
4.		A cash dividend of $55,964 was declared and paid during the year.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)