The comparative balance sheets and income statements for Gypsy Company follow.Balance Sheets As of December $31$Year $2$Year $1$Assets$$Cash$ $24,179$$ $2,804$Accounts receivable$2,4471,468$Inventory$6,2605,869$Equipment$16,07440,494$Accumulated depreciationequipment$(6,197)(16,502)$Land$14,2048,354$Total assets$ $56,967$$ $42,487$Liabilities and stockholders' equity$$Accounts payable $($inventory$)$$ $2,781$$ $4,492$Long$-$term debt$3,0016,859$Common stock$20,80010,500$Retained earnings$30,38520,636$Total liabilities and stockholders' equity$ $56,967$$ $42,487$Liabilities and stockholders' equity Accounts payable $($inventory$)$ $ $2,781$ $ $4,492$ Long$-$term debt $3,0016,859$ Common stock $20,80010,500$ Retained earnings $30,38520,636$ Total liabilities and stockholders' equity $ $56,967$ $ $42,487$Income Statement For the Year Ended December $31,$ Year $2$Sales revenue$ $36,620$Cost of goods sold$(14,515)$Gross margin$22,105$Depreciation expense$(3,007)$Operating income$19,098$Gain on sale of equipment$450$Loss on disposal of land$(50)$Net income$ $19,498$Additional Data$1$During Year $2,$ the company sold equipment for $$18,238$; it had originally cost $$31,100.$ Accumulated depreciation on this equipment was $$13,312$ at the time of the sale. Also, the company purchased equipment for $$6,680$ cash$\mathrm{.}2$The company sold land that had cost $$4,450.$ This land was sold for $$4,400,$ resulting in the recognition of a $$50$ loss. Also, common stock was issued in exchange for title to land that was valued at $$10,300$ at the time of exchange$\mathrm{.}3$Paid dividends of $$9,749.$RequiredPrepare a statement of cash flows using the indirect method.Note: Amounts to be deducted should be indicated with a minus sign.