The comparative balance sheets and an income statement for Raceway Corporation follow.

Balance Sheets As of December 31
	Year 2				Year 1
Assets
Cash	$	57,495			$	40,740
Accounts receivable		32,127				23,560
Merchandise inventory		156,811				172,490
Prepaid rent		2,355				4,710
Equipment		258,120				286,170
Accumulated depreciation		(142,100	)			(234,070	)
Land		191,870				78,670
Total assets	$	556,678			$	372,270
Liabilities
Accounts payable (inventory)	$	67,987				77,120
Salaries payable		27,557				23,620
Stockholders equity
Common stock, $50 par value		248,000				200,000
Retained earnings		213,134				71,530
Total liabilities and equity	$	556,678			$	372,270

Income Statement For the Year Ended December 31, Year 2
Sales	$	1,504,000
Cost of goods sold		(799,326	)
Gross profit		704,674
Operating expenses
Depreciation expense		(20,980	)
Rent expense		(27,120	)
Salaries expense		(256,310	)
Other operating expenses		(258,660	)
Net income	$	141,604

Other Information

1. Purchased land for $113,200.
2. Purchased new equipment for $103,700.
3. Sold old equipment that cost $131,750 with accumulated depreciation of $112,950 for $18,800 cash.
4. Issued common stock for $48,000.

Required Prepare the statement of cash flows for Year 2 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)