The comparative balance sheet of Whitman Co$.$ at December $31,20$Y$2$ and $20$Y$1,$ is as follows:$1$ Dec. $31,20$Y$2$Dec. $31,20$Y$12$Assets $3$Cash$$918,420\mathrm{.}00$$$965,310\mathrm{.}004$Accounts receivable $($net$)828,210\mathrm{.}00762,450\mathrm{.}005$Inventories$1,268,100\mathrm{.}001,162,260\mathrm{.}006$Prepaid expenses$29,220\mathrm{.}0035,270\mathrm{.}007$Land$315,170\mathrm{.}00479,410\mathrm{.}008$Buildings$1,463,110\mathrm{.}00901,510\mathrm{.}009$Accumulated depreciation$-$buildings$(409,500\mathrm{.}00)(383,260\mathrm{.}00)10$Equipment$512,060\mathrm{.}00454,500\mathrm{.}0011$Accumulated depreciation$-$equipment$(141,780\mathrm{.}00)(159,530\mathrm{.}00)12$Total assets$$4,783,010\mathrm{.}00$$$4,217,920\mathrm{.}0013$Liabilities and Stockholders Equity $14$Accounts payable $($merchandise creditors$)$$$921,870\mathrm{.}00$$$957,980\mathrm{.}0015$Bonds payable$270,000\mathrm{.}000\mathrm{.}0016$Common stock, $$25$ par$328,500\mathrm{.}00116,000\mathrm{.}0017$Excess of paid$-$in capital over par$754,500\mathrm{.}00559,000\mathrm{.}0018$Retained earnings$2,508,140\mathrm{.}002,584,940\mathrm{.}0019$Total liabilities and stockholders equity$$4,783,010\mathrm{.}00$$$4,217,920\mathrm{.}00$The noncurrent asset, noncurrent liability, and stockholders equity accounts for $20$Y$2$ are as follows:ACCOUNT LandACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$479,410$Apr$\mathrm{.}20$Realized $$150,820$ cash from sale$164,240315,170$ACCOUNT BuildingsACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$901,510$Apr$\mathrm{.}20$Acquired for cash$561,6001,463,110$ACCOUNT Accumulated DepreciationBuildingsACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$383,260$Dec$\mathrm{.}31$Depreciation for year$26,240409,500$ACCOUNT EquipmentACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$454,50026$Discarded, no salvage$46,400408,100$Aug$\mathrm{.}11$Purchased for cash$103,960512,060$ACCOUNT Accumulated Depreciation EquipmentACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$159,53026$Equipment discarded$46,400113,130$Dec$\mathrm{.}31$Depreciation for year$28,650141,780$ACCOUNT Bonds PayableACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$May$1$Issued $20-$year bonds$270,000270,000$ACCOUNT Common Stock $$25$ parACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$116,000$Dec$\mathrm{.}7$Issued $8,500$ shares of common stock for $$48$ per share$212,500328,500$ACCOUNT Paid$-$In Capital in Excess of ParCommon StockACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$559,000$Dec$\mathrm{.}7$Issued $8,500$ shares of common stock for $$48$ per share$195,500754,500$ACCOUNT Retained EarningsACCOUNT NO$.$BalanceDateItemDebitCreditDebitCredit$20$Y$2$Jan$\mathrm{.}1$Balance$2,584,940$Dec$\mathrm{.}31$Net loss$44,3602,540,58031$Cash dividends$32,4402,508,140$Required:Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required.