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

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

The comparative balance sheets and an income statement for Raceway Corporation follow. Other Information 1. Purchased land for $110,000. 2. Purchased new equipment for $104,500. 3. Sold old equipment that cost $132,390 with accumulated depreciation of $113,090 for $19,300 cash. 4. Issued common stock for $50,000