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	$ 683,440			$ 735,570
Accounts receivable (net)	621,930			567,260
Inventories	943,150			867,970
Prepaid expenses	21,870			25,970
Land	235,100			355,390
Buildings	1,086,670			669,770
Accumulated depreciation-buildings	(307,550)			(287,040)
Equipment	382,730			338,300
Accumulated depreciation-equipment	(105,250)			(118,240)
Total assets	$3,562,090			$3,154,950
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 676,800			$ 714,190
Bonds payable	199,480			0
Common stock, $20 par	235,000			87,000
Paid-in capital: Excess of issue price over par-common stock	564,000			416,000
Retained earnings	1,886,810			1,937,760
Total liabilities and stockholders' equity	$3,562,090			$3,154,950

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			355,390
Apr. 20	Realized $111,900 cash from sale		120,290	235,100

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			669,770
Apr. 20	Acquired for cash	416,900		1,086,670

ACCOUNT Accumulated Depreciation-Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				287,040
Dec. 31	Depreciation for year		20,510		307,550

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			338,300
Jan. 26	Discarded, no salvage		37,200	301,100
Aug. 11	Purchased for cash	81,630		382,730

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				118,240
Jan. 26	Equipment discarded	37,200			81,040
Dec. 31	Depreciation for year		24,210		105,250

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 20-year bonds		199,480		199,480

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				87,000
Dec. 7	Issued 7,400 shares of common stock for $40 per share		148,000		235,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				416,000
Dec. 7	Issued 7,400 shares of common stock for $40 per share		148,000		564,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				1,937,760
Dec. 31	Net loss	24,530			1,913,230
Dec. 31	Cash dividends	26,420			1,886,810

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 out flows, cash payments, decreases in cash, or any negative adjustments.