The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form:

Additional data for the current year are as follows:

1. Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200.
2. Bonds payable for $100,000 were retired by payment at their face amount.
3. 5,000 shares of common stock were issued at $13 for cash.
4. Cash dividends declared and paid, $25,000.

Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities.

The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Additional data for the current year are as follows: Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200. Bonds payable for $100,000 were retired by payment at their face amount. 5,000 shares of common stock were issued at $13 for cash. Cash dividends declared and paid, $25,000.Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities