The comparative balance sheet of Flack Inc for December 31, 2013 and 2012 is shown as follows: Assets: Dec 31, 2013 Dec 2012 Cash $234,660 $219,720 Accounts receivables 85,440 78,360 Inventories 240,660 231,420 Investments 0 90,000 Land 123,000 0 Equipment 264,420 207,420 Accumulated Depreciation-Equipment (62,400) (55,500) 885,780 771,420 Liabilities and Stockholders Equity Accounts payable (merchandise creditor) 159,180 151,860 Accrued expenses payable (operations expenses) 15,840 19,740 Dividends payable 9,000 7,200 Common stock $1 par 48,000 36,000 Paid in capital excess of par-common stock 180,000 105,000 Retained earnings 473,760 451,620 885,780 771,420 The following additional information was taken from the records: a. The investments were sold for $105,000 cash. b. Equipment and land were acquired for cash. c. There was no disposal of equipment during the year. d. Common stock was issued for cash. e. There was a $58,140 credit to retained earnings for net income. f. There was a $36,000 debit to retained earnings for cash dividends declared. Instructions Prepare a statement of cash flows using the indirect method of presenting cash flows from operating activities