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 Beginning Balance Balance 130,000 156,500 102,000 110,000 137000 25,000 Cash Accounts receivable Total current assets 369,000 391,500 Property, plant, and equipment 360,000 350,000 120,000 87,500 Less accumulated de Net property, plant, and equipment Total assets 240,000 262,500 $609,000 $654,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 80,000 $142,000 62,000 86,000 50,000 125,000 175,000 50,000 142,000 151,000 Total liabilities and stockholders' equity $609,000 $654,000 During the year, Ravenna paid a $15,000 cash dividend and it sold a piece of equipment for $7,500 that had originally cost $18,000 and had accumulated depreciation of $12,000. The company did not retire any bonds or repurchase any of its own common stock during the year