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

6. The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: Cash Year 2011 $ 53,000 37,000 108,500 Accounts receivable (net) Inventories Investments Equipment Accumulated depreciation-equipment Year 2010 $ 50,000 48,000 100,000 70,000 450,000 (176,000) $542,000 573,200 (142,000) $629,700 $ 62,500 $ 43,800 100,000 285,000 325,000 Accounts payable Bonds payable, due 2011 Common stock, $10 par Paid-in capital in excess of par-- common stock Retained earnings 80,000 162.200 $629.700 55,000 58,200 $542.000 $625,700 340,000 $285,700 $26,000 68,000 The income statement for the current year is as follows: Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Income from operations Other income: Gain on sale of investment Other expense: Interest expense Income before income tax Income tax Net income 94,000 $191,700 $ 4,000 6,000 (2.000) $189,700 60.700 $129.000 Additional data for the current year are as follows: (a) Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200. (b) Bonds payable for $100,000 were retired by payment at their face amount (c) 5,000 shares of common stock were issued at $13 for cash. (d) Cash dividends declared and paid, $25,000. Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities