The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Year 2011 $ 72.000 61,000 121,000 Year 2010 $ 41.500 70,200 105,000 100,000 425,000 (175.000 $566.700 515,000 (133.000 $636,000 $_47.250 10,250 75,000 325,000 25,000 84.200 $566 700 $350,000 225.000 $125,000 Accounts payable $ 60.750 Dividends payable 13,750 Bonds payable, due 2014 Common stock, $10 par 375,000 Paid-in capital in excess of par- common stock 70,000 Retained earnings 116,500 $636.000 The income statement for the current year is as follows: Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense $18,000 Other operating expenses 56,200 Income from operations Other income: Gain on sale of Land S 25.000 Net income Additional data for the current year are as follows: (a) Fully depreciated equipment costing S60,000 was scrapped, no salvage. (6) Equipment was purchased for $150,000 (c) Bonds payable were retired by payment at their face amount. (d) Shares of common stock were issued for cash. (e) Cash dividends declared, $43,500. 74.200 $50,800 $ 25.000 $75,800 Prepare a statement of cash flows, using the indirect method