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	$ 701,710			$ 755,180
Accounts receivable (net)	638,560			582,420
Inventories	968,360			891,170
Prepaid expenses	22,450			26,660
Land	241,390			364,890
Buildings	1,115,720			687,680
Accumulated depreciation-buildings	(315,770)			(294,720)
Equipment	392,960			347,350
Accumulated depreciation-equipment	(108,060)			(121,400)
Total assets	$3,657,320			$3,239,230
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)	$ 694,890			$ 733,290
Bonds payable	204,810			0
Common stock, $20 par	241,000			89,000
Paid-in capital: Excess of issue price over par-common stock	579,000			427,000
Retained earnings	1,937,620			1,989,940
Total liabilities and stockholders equity	$3,657,320			$3,239,230

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			364,890
Apr. 20	Realized $114,900 cash from sale		123,500	241,390

ACCOUNT Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			687,680
Apr. 20	Acquired for cash	428,040		1,115,720

ACCOUNT Accumulated Depreciation-Buildings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				294,720
Dec. 31	Depreciation for year		21,050		315,770

ACCOUNT Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance			347,350
Jan. 26	Discarded, no salvage		38,200	309,150
Aug. 11	Purchased for cash	83,810		392,960

ACCOUNT Accumulated Depreciation-Equipment				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				121,400
Jan. 26	Equipment discarded	38,200			83,200
Dec. 31	Depreciation for year		24,860		108,060

ACCOUNT Bonds Payable				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
May 1	Issued 10-year bonds		204,810		204,810

ACCOUNT Common Stock, $20 par				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				89,000
Dec. 7	Issued 7,600 shares of common stock for $40 per share		152,000		241,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				427,000
Dec. 7	Issued 7,600 shares of common stock for $40 per share		152,000		579,000

ACCOUNT Retained Earnings				ACCOUNT NO.
				Balance
Date	Item	Debit	Credit	Debit	Credit
20Y2
Jan. 1	Balance				1,989,940
Dec. 31	Net loss	25,190			1,964,750
Dec. 31	Cash dividends	27,130			1,937,620

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.

Cash flows from operating activities:	blank
DepreciationDividendsGain on sale of landLoss on sale of landNet lossRetained earnings	$- Select -
Adjustments to reconcile net loss to net cash flow from operating activities:
Decrease in accounts receivableDepreciationGain on sale of landIncrease in accounts receivableIncrease in bonds payableIncrease in common stock	- Select -
Decrease in accounts receivableDecrease in inventoriesGain on sale of landIncrease in accounts payableIncrease in prepaid expensesLoss on sale of land	- Select -
Changes in current operating assets and liabilities:	blank
Decrease in accounts receivableDecrease in inventoriesDepreciationIncrease in accounts receivableIncrease in accumulated depreciation-buildingsIncrease in bonds payable	- Select -
Decrease in accounts receivableDecrease in bonds payableDecrease in inventoriesIncrease in accounts payableIncrease in inventoriesIncrease in land	- Select -
Decrease in inventoriesDecrease in prepaid expensesIncrease in accounts payableIncrease in accumulated depreciation-equipmentIncrease in common stockIncrease in prepaid expenses	- Select -
Decrease in accounts payableDecrease in inventoriesIncrease in accounts payableIncrease in paid-in capital in excess of par-common stockNet incomeRetained earnings	- Select -
Net cash flow used for operating activities	blank	$fill in the blank 15
Cash flows from (used for) investing activities:	blank
Cash received from customersCash received from gain on sale of landCash from land soldCash from issuance of common stockCash received from net incomeCash received from retained earnings	$- Select -
Accumulated depreciationCash used for acquisition of buildingCash paid for bonds payableCash used for dividendsDepreciationLoss on sale of land	- Select -
Cash from issuance of bonds payableCash from issuance of common stockCash used for purchase of equipmentDecrease in accounts receivableIncrease in accounts payableIncrease in inventories	- Select -
Net cash flow used for investing activities	blank	fill in the blank 22
Cash flows from (used for) financing activities:	blank
Cash received from decrease in accounts receivableCash received from decrease in prepaid expensesCash from issuance of bonds payableCash received from purchase of buildingCash received from purchase of equipmentCash received from sale of land	$- Select -
Cash paid for accounts payableCash used for acquisition of buildingCash paid for issuance of common stockCash received from customersCash from issuance of common stockCash received from sale of land	- Select -
Cash from net lossCash used for dividendsCash paid for loss on sale of landCash paid for purchase of buildingCash used for purchase of equipmentCash paid for retained earnings	- Select -
Net cash flow from financing activities	blank	fill in the blank 29
Decrease in cashIncrease in cash	blank	$- Select -
Cash at the beginning of the year	blank	fill in the blank 32
Cash at the end of the year	blank	$fill in the blank 33