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	$61,000	$54,500
Highly liquid short term investments (mature in two months)	18,000	0
Accounts receivable (net)	58,000	71,250
Inventories	142,000	117,000
Investments	0	158,000
Equipment	530,000	305,000
Accumulated depreciation - equipment	(159,870)	(147,805)
Total Assets	$649,130	$557,945
Accounts payable	$71,520	$49,860
Bonds payable	0	78,000
Common stock, $20 par	452,360	340,635
Retained earnings	125,250	89,450
Total liabilities and shareholders' equity	$649,130	$557,945

Additional data for the current year are as follows:

(a)	Net income, $84,520.
(b)	Amortization expense reported on income statement, $32,000.
(c)	Fully amortized equipment costing $19,935 was scrapped, no salvage. All new equipment was purchased in cash.
(d)	Bonds payable for $78,000 were retired by payment at their face amount.
(e)	2,500 shares of common stock were issued at $44.69 per share for cash.
(f)	Cash dividends declared and paid $48,720.
(g)	Investments of $158,000 were sold for $235,000 in cash.

Required:

Prepare a statement of cash flows using the indirect method.