Selected financial statement information and additional data for Stanislaus Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2014

December 31

2013 2014

Cash $42,000 $75,000

Accounts receivable (net) 84,000 144,200

Inventory 168,000 206,600

Land 58,800 21,000

Equipment 504,000 789,600

TOTAL $856,800 $1,236,400

Accumulated depreciation $84,000 $115,600

Accounts payable 50,400 86,000

Notes payable - short-term 67,200 29,400

Notes payable - long-term 168,000 302,400

Common stock 420,000 487,200

Retained earnings 67,200 215,800

TOTAL $856,800 $1,236,400

Additional data for 2014:

1. Net income was $240,000, see income statement below.

2. Depreciation was $31,600.

3. Land was sold at its original cost.

4. Dividends were paid.

5. Equipment was purchased for $184,000 cash.

6. A long-term note for $101,000 was used to pay for an equipment purchase.

7. Common stock was issued

8. Company issued $33,400 long-term note payable.

Income Statement

For the year ended December 31, 2014

Sales revenue.. $1,200,000

Cost of goods sold 480,000

Gross profit 720,000

Selling and administrative expenses.. 360,000

Pre-tax operating income 340,000

Income taxes 120,000

Net income$240,000

Prepare the statement of cash flow using the indirect method

Prepare the statement of cash flow using the direct method