Statement of Cash FlowsIndirect Method

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

	Dec. 31, 20Y2			Dec. 31, 20Y1
Assets
Cash	$ 705,910			$ 757,440
Accounts receivable (net)	642,380			585,910
Inventories	974,160			896,510
Prepaid expenses	22,590			26,820
Land	242,830			367,070
Buildings	1,122,400			691,790
Accumulated depreciation-buildings	(317,660)			(296,480)
Equipment	395,310			349,430
Accumulated depreciation-equipment	(108,710)			(122,120)
Total assets	$3,679,210			$3,256,370
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 699,050			$ 737,680
Bonds payable	206,040			0
Common stock, $20 par	244,000			90,000
Paid-in capital: Excess of issue price over par-common stock	583,000			429,000
Retained earnings	1,947,120			1,999,690
Total liabilities and stockholders equity	$3,679,210			$3,256,370

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:

ACCOUNT Land				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			367,070
Apr. 20	Realized $115,500 cash from sale		124,240	242,830

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			691,790
Apr. 20	Acquired for cash	430,610		1,122,400

ACCOUNT Accumulated Depreciation-Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				296,480
Dec. 31	Depreciation for year		21,180		317,660

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			349,430
Jan. 26	Discarded, no salvage		38,400	311,030
Aug. 11	Purchased for cash	84,280		395,310

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				122,120
Jan. 26	Equipment discarded	38,400			83,720
Dec. 31	Depreciation for year		24,990		108,710

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 15-year bonds		206,040		206,040

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				90,000
Dec. 7	Issued 7,700 shares of common stock for $40 per share		154,000		244,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				429,000
Dec. 7	Issued 7,700 shares of common stock for $40 per share		154,000		583,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				1,999,690
Dec. 31	Net loss	25,310			1,974,380
Dec. 31	Cash dividends	27,260			1,947,120

Required:

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