Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance $ 89,000 71,500 96,000 256,500 255,000 85,000 170,000 $ 426,500 Beginning Balance $ 106,750 77,000 87,500 271,250 245,000 61,250 183,750 $ 455,000 Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 56,000 43,500 105,000 122,500 99,500 $ 426,500 $ 99,500 57,000 87,500 105,000 106,000 $ 455,000 During the year, Ravenna paid a $10,500 cash dividend and it sold a piece of equipment for $5,250 that had originally cost $12,000 and had accumulated depreciation of $8,000. The company did not retire any bonds or repurchase any of its own common stock during the year