Statement of Cash Flows Problem

Consider the following information in preparing a statement of cash flows for Huntsman Corp:

Beginning Cash Balance $16,000

Net Income $40,000

Depreciation Expense $24,000

Increase in Accounts Receivable $17,000

Decrease in Inventory $8,000

Decrease in Prepaid Expenses $4,000

Decrease in Accounts Payable $20,000

Increase in Accrued Liabilities $6,000

Decrease in Income Taxes Payable $3,000

During the year, Huntsman also had the following transactions:

1. Made a $25,000 loan to Eccles Company
2. Sold a piece of equipment with a cost of $30,000 and an accumulated depreciation of $20,000, for $15,000 cash.
3. Had additional purchases of plant and equipment of $80,000
4. Issued bonds payable for $50,000
5. Issued common stock for $24,000
6. Paid a cash dividend of $9,000

Required:

Using the indirect method to determine the cash flows from operating activities, prepare a statement of cash flows for the year.