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

Balance Sheets As of December $31$

Year $2$ Year $1$

Assets

Cash $ $24,329$ $ $2,710$

Accounts receivable $1,9351,161$

Inventory $6,3215,926$

Equipment $20,15544,845$

Accumulated depreciation$$equipment $(7,798)(17,406)$

Land $16,3548,344$

Total assets $ $61,296$ $ $45,580$

Liabilities and stockholders' equity

Accounts payable $($inventory$)$ $ $2,664$ $ $4,304$

Long$-$term debt $2,6906,148$

Common stock $22,90010,500$

Retained earnings $33,04224,628$

Total liabilities and stockholders' equity $ $61,296$ $ $45,580$

Liabilities and stockholders' equity Accounts payable $($inventory$)$ $ $2,664$ $ $4,304$ Long$-$term debt $2,6906,148$ Common stock $22,90010,500$ Retained earnings $33,04224,628$ Total liabilities and stockholders' equity $ $61,296$ $ $45,580$

Income Statement For the Year Ended December $31,$ Year $2$

Sales revenue $ $33,600$

Cost of goods sold $(13,318)$

Gross margin $20,282$

Depreciation expense $(3,813)$

Operating income $16,469$

Gain on sale of equipment $450$

Loss on disposal of land $(90)$

Net income $ $16,829$

Additional Data

During Year $2,$ the company sold equipment for $$18,429$; it had originally cost $$31,400.$ Accumulated depreciation on this equipment was $$13,421$ at the time of the sale. Also, the company purchased equipment for $$6,710$ cash.

The company sold land that had cost $$4,390.$ This land was sold for $$4,300,$ resulting in the recognition of a $$90$ loss. Also, common stock was issued in exchange for title to land that was valued at $$12,400$ at the time of exchange. Paid dividends of $$8,415.$ Required:

Prepare a statement of cash flows using the indirect method.