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Statement of Cash FlowsIndirect Method

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

	Dec. 31, 20Y2			Dec. 31, 20Y1
Assets
Cash	$ 715,240			$ 771,630
Accounts receivable (net)	650,870			593,650
Inventories	987,030			908,350
Prepaid expenses	22,890			27,180
Land	246,040			371,920
Buildings	1,137,230			700,940
Accumulated depreciation-buildings	(321,860)			(300,400)
Equipment	400,530			354,040
Accumulated depreciation-equipment	(110,150)			(123,740)
Total assets	$3,727,820			$3,303,570
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 708,290			$ 747,430
Bonds payable	208,760			0
Common stock, $20 par	245,000			91,000
Paid-in capital: Excess of issue price over par-common stock	589,000			435,000
Retained earnings	1,976,770			2,030,140
Total liabilities and stockholders equity	$3,727,820			$3,303,570

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:

ACCOUNT Land				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			371,920
Apr. 20	Realized $117,100 cash from sale		125,880	246,040

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			700,940
Apr. 20	Acquired for cash	436,290		1,137,230

ACCOUNT Accumulated Depreciation-Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				300,400
Dec. 31	Depreciation for year		21,460		321,860

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			354,040
Jan. 26	Discarded, no salvage		38,900	315,140
Aug. 11	Purchased for cash	85,390		400,530

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				123,740
Jan. 26	Equipment discarded	38,900			84,840
Dec. 31	Depreciation for year		25,310		110,150

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 10-year bonds		208,760		208,760

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				91,000
Dec. 7	Issued 7,700 shares of common stock for $40 per share		154,000		245,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				435,000
Dec. 7	Issued 7,700 shares of common stock for $40 per share		154,000		589,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				2,030,140
Dec. 31	Net loss	25,700			2,004,440
Dec. 31	Cash dividends	27,670			1,976,770

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2

Cash flows from operating activities:	blank
DepreciationDividendsGain on sale of landLoss on sale of landNet lossRetained earnings	$
Adjustments to reconcile net loss to net cash flow from operating activities:
Decrease in accounts receivableDepreciationGain on sale of landIncrease in accounts receivableIncrease in bonds payableIncrease in common stock
Decrease in accounts receivableDecrease in inventoriesGain on sale of landIncrease in accounts payableIncrease in prepaid expensesLoss on sale of land	- Select -
Changes in current operating assets and liabilities:	blank
Decrease in accounts receivableDecrease in inventoriesDepreciationIncrease in accounts receivableIncrease in accumulated depreciation-buildingsIncrease in bonds payable	- Select -
Decrease in accounts receivableDecrease in bonds payableDecrease in inventoriesIncrease in accounts payableIncrease in inventoriesIncrease in land	- Select -
Decrease in inventoriesDecrease in prepaid expensesIncrease in accounts payableIncrease in accumulated depreciation-equipmentIncrease in common stockIncrease in prepaid expenses	- Select -
Decrease in accounts payableDecrease in inventoriesIncrease in accounts payableIncrease in paid-in capital in excess of par-common stockNet incomeRetained earnings	- Select -
Net cash flow used for operating activities	blank	$fill in the blank 15
Cash flows from (used for) investing activities:	blank
Cash received from customersCash received from gain on sale of landCash from land soldCash from issuance of common stockCash received from net incomeCash received from retained earnings	$- Select -
Accumulated depreciationCash used for acquisition of buildingCash paid for bonds payableCash used for dividendsDepreciationLoss on sale of land	- Select -
Cash from issuance of bonds payableCash from issuance of common stockCash used for purchase of equipmentDecrease in accounts receivableIncrease in accounts payableIncrease in inventories	- Select -
Net cash flow used for investing activities	blank	fill in the blank 22
Cash flows from (used for) financing activities:	blank
Cash received from decrease in accounts receivableCash received from decrease in prepaid expensesCash from issuance of bonds payableCash received from purchase of buildingCash received from purchase of equipmentCash received from sale of land	$- Select -
Cash paid for accounts payableCash used for acquisition of buildingCash paid for issuance of common stockCash received from customersCash from issuance of common stockCash received from sale of land	- Select -
Cash from net lossCash used for dividendsCash paid for loss on sale of landCash paid for purchase of buildingCash used for purchase of equipmentCash paid for retained earnings	- Select -
Net cash flow from financing activities	blank	fill in the blank 29
Decrease in cashIncrease in cash	blank	$- Select -
Cash at the beginning of the year	blank	fill in the blank 32
Cash at the end of the year	blank	$fill in the blank 33