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

Balance Sheets

As of December $31$

Year $2$ Year $1$

Assets

Cash $$72,452$ $$38,630$

Accounts receivable $27,31420,030$

Inventory $155,365170,900$

Prepaid rent $2,3454,690$

Equipment $255,000289,790$

Accumulated depreciation $(144,130)(238,320)$

Land $193,83083,530$

Total assets $$562,176$ $$369,250$

Liabilities

Accounts payable $($inventory$)$ $$62,13470,480$

Salaries payable $31,83827,290$

Stockholders$$ equity

Common stock, $$50$ par value $247,000200,000$

Retained earnings $221,20471,480$

Total liabilities and equity $$562,176$ $$369,250$

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 $(20,100)$

Rent expense $(24,210)$

Salaries expense $(255,000)$

Other operating expenses $(255,640)$

Net income $$149,724$

Other Information

Purchased land for $$110,300.$

Purchased new equipment for $$98,100.$

Sold old equipment that cost $$132,890$ with accumulated depreciation of $$114,290$ for $$18,600$ cash.

Issued common stock for $$47,000.$

Required

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