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 Beginning Balance Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Accounts payable $ 105,400 $ 126,650 83,700 90,200 112,400 102,500 301,500 319,350 297,000 287,000 99,000 198,000 $ 499,500 71,750 215,250 $ 534,600 $116,500 $ 65,600 Income taxes payable 50,900 68,600 Bonds payable 123,000 102,500 Common stock 143,500 123,000 Retained earnings 116,500 124,000 Total liabilities and stockholders' equity $ 499,500 $ 534,600 During the year, Ravenna paid a $12,300 cash dividend and it sold a piece of equipment for $6,150 that had originally cost $14,400 and had accumulated depreciation of $9,600. The company did not retire any bonds or repurchase any of its own common stock during the year.