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The comparative balance sheets and income statements for Gypsy Company follow. Balance Sheets As of December 3 1 Year 2 Year 1 Assets Cash $

The comparative balance sheets and income statements for Gypsy Company follow.
Balance Sheets
As of December 31
Year 2 Year 1
Assets
Cash $22,860 $2,600
Accounts receivable 1,7931,076
Inventory 6,6046,191
Equipment 19,42244,132
Accumulated depreciationequipment (5,166)(16,295)
Land 20,38510,545
Total assets $65,898 $48,249
Liabilities and equity
Accounts payable (inventory) $2,744 $4,433
Long-term debt 2,6466,048
Common stock 24,40011,500
Retained earnings 36,10826,268
Total liabilities and equity $65,898 $48,249
Income Statement
For the Year Ended December 31, Year 2
Sales revenue $36,630
Cost of goods sold (14,519)
Gross margin 22,111
Depreciation expense (3,170)
Operating income 18,941
Gain on sale of equipment 800
Loss on disposal of land (60)
Net income $19,681
Additional Data
During Year 2, the company sold equipment for $18,001; it had originally cost $31,500. Accumulated depreciation on this equipment was $14,299 at the time of the sale. Also, the company purchased equipment for $6,790 cash.
The company sold land that had cost $3,060. This land was sold for $3,000, resulting in the recognition of a $60 loss. Also, common stock was issued in exchange for title to land that was valued at $12,900 at the time of exchange.
Paid dividends of $9,841.
Required
Prepare a statement of cash flows using the indirect method.

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