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	$ 837,470			$ 904,200
Accounts receivable (net)	762,100			695,100
Inventories	1,155,710			1,063,590
Prepaid expenses	26,800			31,820
Land	288,090			435,480
Buildings	1,331,580			820,720
Accumulated depreciation-buildings	(376,860)			(351,740)
Equipment	468,980			414,550
Accumulated depreciation-equipment	(128,970)			(144,880)
Total assets	$4,364,900			$3,868,840
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 829,330			$ 875,160
Bonds payable	244,430			0
Common stock, $20 par	286,000			106,000
Paid-in capital: Excess of issue price over par-common stock	689,000			509,000
Retained earnings	2,316,140			2,378,680
Total liabilities and stockholders' equity	$4,364,900			$3,868,840

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			435,480
Apr. 20	Realized $137,100 cash from sale		147,390	288,090

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			820,720
Apr. 20	Acquired for cash	510,860		1,331,580

ACCOUNT Accumulated Depreciation-Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				351,740
Dec. 31	Depreciation for year		25,120		376,860

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			414,550
Jan. 26	Discarded, no salvage		45,600	368,950
Aug. 11	Purchased for cash	100,030		468,980

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				144,880
Jan. 26	Equipment discarded	45,600			99,280
Dec. 31	Depreciation for year		29,690		128,970

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 10-year bonds		244,430		244,430

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				106,000
Dec. 7	Issued 9,000 shares of common stock for $40 per share		180,000		286,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				509,000
Dec. 7	Issued 9,000 shares of common stock for $40 per share		180,000		689,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				2,378,680
Dec. 31	Net loss	30,110			2,348,570
Dec. 31	Cash dividends	32,430			2,316,140

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.

Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: Adjustments to reconcile net loss to net cashflow from operating activities: Changes in current operating assets and liabilities: Net cash flow used for operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year