The comparative balance sheet of Chance Wrapping Paper Company, for the current year and the preceding year (as at December 31) appears below in condensed form: Current Year Preceding Year Cash $65,000 $52,500 Highly liquid short term investments (mature in two months) 25,000 0 Accounts receivable (net) 55,000 74,500 Inventories 120,000 112,500 Investments 0 173,200 Equipment 500,000 375,000 Accumulated depreciation - equipment (158,000) (172,000) Total Assets $607,000 $615,700 Accounts payable $68,750 $45,250 Bonds payable 0 81,000 Common stock, $20 par 411,000 394,000 Retained earnings 127,250 95,450 Bonds payable 0 81,000 Common stock, $20 par 411,000 394,000 Retained earnings 127,250 95,450 Total liabilities and shareholders' equity $607,000 $615,700 Additional data for the current year are as follows: (a) Net income, $82,537. (b) Amortization expense reported on income statement, $35,870. (c) Fully amortized equipment costing $49,870 was scrapped, no salvage. All new equipment was purchased in cash. (d) Bonds payable for $81,000 were retired by payment at their face amount. (e) 2,500 shares of common stock were issued at $6.80 per share for cash. (f) Cash dividends declared and paid $50,737. (g) Investments of $173,200 were sold for $205,000 in cash. Required: Prepare a statement of cash flows using the indirect method. (18 marks)