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Statement of Cash Flows

The comparative balance sheet of Whitman Co$.$ at December $31,20$Y$2$ and $20$Y$1,$ is as follows:

Dec. $31,20$Y$2$ Dec. $31,20$Y$1$

Assets

Cash $ $591,830$ $ $637,340$

Accounts receivable $($net$)538,570491,220$

Inventories $816,730751,620$

Prepaid expenses $18,94022,490$

Land $203,590307,750$

Buildings $941,010579,990$

Accumulated depreciation$-$buildings $(266,320)(248,570)$

Equipment $331,420292,960$

Accumulated depreciation$-$equipment $(91,140)(102,390)$

Total assets $$3,084,630$ $$2,732,410$

Liabilities and Stockholders' Equity

Accounts payable $($merchandise creditors$)$ $ $586,080$ $ $618,460$

Bonds payable $172,7400$

Common stock, $$20$ par $203,00075,000$

Excess of paid$-$in capital over par $488,000360,000$

Retained earnings $1,634,8101,678,950$

Total liabilities and stockholders$$ equity $$3,084,630$ $$2,732,410$

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for $20$Y$2$ are as follows:

ACCOUNT Land ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $307,750$

Apr. $20$ Realized $$96,900$ cash from sale $104,160203,590$

ACCOUNT Buildings ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $579,990$

Apr. $20$ Acquired for cash $361,020941,010$

ACCOUNT Accumulated Depreciation$-$Buildings ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $248,570$

Dec. $31$ Depreciation for year $17,750266,320$

ACCOUNT Equipment ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $292,960$

Jan. $26$ Discarded, no salvage $32,200260,760$

Aug. $11$ Purchased for cash $70,660331,420$

ACCOUNT Accumulated Depreciation$-$Equipment ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $102,390$

Jan. $26$ Equipment discarded $32,20070,190$

Dec. $31$ Depreciation for year $20,95091,140$

ACCOUNT Bonds Payable ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

May $1$ Issued $10-$year bonds $172,740172,740$

ACCOUNT Common Stock, $$20$ par ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $75,000$

Dec. $7$ Issued $6,400$ shares of common

stock for $$40$ per share $128,000203,000$

ACCOUNT Paid$-$in Capital in Excess of Par$-$Common Stock ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $360,000$

Dec. $7$ Issued $6,400$ shares of common

stock for $$40$ per share $128,000488,000$

ACCOUNT Retained Earnings ACCOUNT NO$.$

Balance

Date Item Debit Credit Debit Credit

$20$Y$2$

Jan. $1$ Balance $1,678,950$

Dec. $31$ Net loss $21,2501,657,700$

Dec. $31$ Cash dividends $22,8901,634,810$

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.