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 $ 110,200 $ 132,350 Accounts receivable 87,800 94,600 Inventory 117,900 107,500 Total current assets 315,900 334,450 Property, plant, and equipment 312,000 301,000 Less accumulated depreciation 104,000 75,250 Net property, plant, and equipment 208,000 225,750 Total assets $ 523,900 $ 560,200 Accounts payable $ 68,800 $ 122,200 Income taxes payable 53,400 71,500 Bonds payable 129,000 107,500 Common stock 150,500 129,000 Retained earnings 122,200 130,000 Total liabilities and stockholders equity $ 523,900 $ 560,200 During the year, Ravenna paid a $12,900 cash dividend and it sold a piece of equipment for $6,450 that had originally cost $15,000 and had accumulated depreciation of $10,000. The company did not retire any bonds or repurchase any of its own common stock during the year.