The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

Dec. 31, 20Y2 Dec. 31, 20Y1

Assets

Cash $ 899,800 $ 970,230

Accounts receivable (net) 818,820 746,830

Inventories 1,241,720 1,142,750

Prepaid expenses 28,790 34,190

Land 309,530 467,900

Buildings 1,430,680 881,800

Accumulated depreciation-buildings (404,910) (377,920)

Equipment 503,890 445,400

Accumulated depreciation-equipment (138,570) (155,670)

Total assets $4,689,750 $4,155,510

Liabilities and Stockholders' Equity

Accounts payable (merchandise creditors) $ 891,050 $ 940,290

Bonds payable 262,630 0

Common stock, $20 par 308,000 114,000

Paid-in capital: Excess of issue price over par-common stock 741,000 547,000

Retained earnings 2,487,070 2,554,220

Total liabilities and stockholders equity $4,689,750 $4,155,510

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:

ACCOUNT Land ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 467,900

Apr. 20 Realized $147,300 cash from sale 158,370 309,530

The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:

Dec. 31, 20Y2 Dec. 31, 20Y1

Assets

Cash $ 899,800 $ 970,230

Accounts receivable (net) 818,820 746,830

Inventories 1,241,720 1,142,750

Prepaid expenses 28,790 34,190

Land 309,530 467,900

Buildings 1,430,680 881,800

Accumulated depreciation-buildings (404,910) (377,920)

Equipment 503,890 445,400

Accumulated depreciation-equipment (138,570) (155,670)

Total assets $4,689,750 $4,155,510

Liabilities and Stockholders' Equity

Accounts payable (merchandise creditors) $ 891,050 $ 940,290

Bonds payable 262,630 0

Common stock, $20 par 308,000 114,000

Paid-in capital: Excess of issue price over par-common stock 741,000 547,000

Retained earnings 2,487,070 2,554,220

Total liabilities and stockholders equity $4,689,750 $4,155,510

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows:

ACCOUNT Land ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 467,900

Apr. 20 Realized $147,300 cash from sale 158,370 309,530

ACCOUNT Buildings ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 881,800

Apr. 20 Acquired for cash 548,880 1,430,680

ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 377,920

Dec. 31 Depreciation for year 26,990 404,910

ACCOUNT Equipment ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 445,400

Jan. 26 Discarded, no salvage 49,000 396,400

Aug. 11 Purchased for cash 107,490 503,890

ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 155,670

Jan. 26 Equipment discarded 49,000 106,670

Dec. 31 Depreciation for year 31,900 138,570

ACCOUNT Bonds Payable ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

May 1 Issued 15-year bonds 262,630 262,630

ACCOUNT Common Stock, $20 par ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 114,000

Dec. 7 Issued 9,700 shares of common

stock for $40 per share 194,000 308,000

ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 547,000

Dec. 7 Issued 9,700 shares of common

stock for $40 per share 194,000 741,000

ACCOUNT Retained Earnings ACCOUNT NO.

Balance

Date Item Debit Credit Debit Credit

20Y2

Jan. 1 Balance 2,554,220

Dec. 31 Net loss 32,330 2,521,890

Dec. 31 Cash dividends 34,820 2,487,070

Required:

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.