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

Balance Sheets
As of December 31
	Year 2				Year 1
Assets
Cash	$	32,500			$	16,300
Accounts receivable		4,750				2,800
Inventory		11,200				9,800
Equipment		45,000				52,000
Accumulated depreciationequipment		(17,800	)			(21,800	)
Land		28,000				12,000
Total assets	$	103,650			$	71,100
Liabilities and equity
Accounts payable (inventory)	$	3,750			$	4,900
Long-term debt		5,800				7,800
Common stock		47,000				25,000
Retained earnings		47,100				33,400
Total liabilities and equity	$	103,650			$	71,100

Income Statement
For the Year Ended December 31, Year 2
Sales revenue	$	61,200
Cost of goods sold		(24,500	)
Gross margin		36,700
Depreciation expense		(12,000	)
Operating income		24,700
Gain on sale of equipment		1,500
Loss on disposal of land		(100	)
Net income	$	26,100

Additional Data

During Year 2, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash.

The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange.

Paid dividends of $12,400.

Required

Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outflows should be indicated by a minus sign.)

Required Prepare s statement of cosh flows using the indirect method. (Amounts to be deducted and cash outflows should be Indicated by a minus sign.) Required Prepare s statement of cosh flows using the indirect method. (Amounts to be deducted and cash outflows should be Indicated by a minus sign.)