The comparative balance sheets and an income statement for Raceway Corporation follow. Balance Sheets As of December 31 Year 2 Year 1 Assets Cash $68,592 $41,050 Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity 33,259 156,302 24,390 171,930 2,275 256,070 (149,850) 4,550 286,340 (239,440) 188,080 76,980 $554,728 $365,800 $68,543 77,750 29,178 25,010 Common stock, $50 par value 250,500 199,500 Retained earnings 206,507 63,540 Total liabilities and equity $554,728 $365,800 Income Statement Sales Income Statement For the Year Ended December 31, Year 21 Cost of goods sold $1,502,000 (798,263) Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income Other Information 1. Purchased land for $111,100. 2. Purchased new equipment for $102,200 703,737 (23,180) (24,980) (253,790) (258,820) $142,967 3. Sold old equipment that cost $132,470 with accumulated depreciation of $112,770 for $19,700 cash 4. Issued common stock for $51,000 Required Prepare the statement of cash flows for Year 2 using the indirect method. (Cash outflows should be indicated with a minus