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	$60,000	$53,500
Highly liquid short term investments (mature in two months)	19,000	0
Accounts receivable (net)	57,000	72,350
Inventories	137,000	118,000
Investments	0	165,000
Equipment	520,000	295,000
Accumulated depreciation - equipment	(160,500)	(158,750)
Total Assets	$632,500	$545,100
Accounts payable	$70,850	$48,950
Bonds payable	0	79,000
Common stock, $20 par	433,150	322,610
Retained earnings	128,500	94,540
Total liabilities and shareholders' equity	$632,500	$545,100

Additional data for the current year are as follows:

(a)	Net income, $81,250.
(b)	Amortization expense reported on income statement, $33,500.
(c)	Fully amortized equipment costing $31,750 was scrapped, no salvage. All new equipment was purchased in cash.
(d)	Bonds payable for $79,000 were retired by payment at their face amount.
(e)	2,500 shares of common stock were issued at $44.22 per share for cash.
(f)	Cash dividends declared and paid $47,290.
(g)	Investments of $165,000 were sold for $225,000 in cash.

Required:

Prepare a statement of cash flows using the indirect method.