The comparative balance sheets and income statements for Gypsy Company follow.

Balance Sheets
As of December 31
	Year 2	Year 1
Assets
Cash	$24,916	$2,911
Accounts receivable	2,402	1,441
Inventory	6,514	6,107
Equipment	20,749	44,399
Accumulated depreciationequipment	(6,016)	(15,633)
Land	19,296	11,046
Total assets	$67,861	$50,271
Liabilities and equity
Accounts payable (inventory)	$2,500	$4,038
Long-term debt	2,945	6,731
Common stock	20,800	8,500
Retained earnings	41,616	31,002
Total liabilities and equity	$67,861	$50,271

Income Statement
For the Year Ended December 31, Year 2
Sales revenue	$39,620
Cost of goods sold	(15,704)
Gross margin	23,916
Depreciation expense	(3,237)
Operating income	20,679
Gain on sale of equipment	600
Loss on disposal of land	(50)
Net income	$21,229

Additional Data

During Year 2, the company sold equipment for $18,646; it had originally cost $30,900. Accumulated depreciation on this equipment was $12,854 at the time of the sale. Also, the company purchased equipment for $7,250 cash.

The company sold land that had cost $4,050. This land was sold for $4,000, resulting in the recognition of a $50 loss. Also, common stock was issued in exchange for title to land that was valued at $12,300 at the time of exchange.

Paid dividends of $10,615.

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