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

Balance Sheets As of December 31
	Year 2				Year 1
Assets
Cash	$	25,779			$	2,523
Accounts receivable		2,158				1,295
Inventory		6,559				6,149
Equipment		18,948				43,638
Accumulated depreciationequipment		(7,717	)			(17,493	)
Land		19,647				9,607
Total assets	$	65,374			$	45,719
Liabilities and equity
Accounts payable (inventory)	$	2,552			$	4,122
Long-term debt		2,728				6,236
Common stock		24,100				10,000
Retained earnings		35,994				25,361
Total liabilities and equity	$	65,374			$	45,719

Income Statement For the Year Ended December 31, Year 2
Sales revenue	$	39,700
Cost of goods sold		(15,735	)
Gross margin		23,965
Depreciation expense		(3,139	)
Operating income		20,826
Gain on sale of equipment		500
Loss on disposal of land		(60	)
Net income	$	21,266

Additional Data

1. During Year 2, the company sold equipment for $18,785; it had originally cost $31,200. Accumulated depreciation on this equipment was $12,915 at the time of the sale. Also, the company purchased equipment for $6,510 cash.
2. The company sold land that had cost $4,060. This land was sold for $4,000, resulting in the recognition of a $60 loss. Also, common stock was issued in exchange for title to land that was valued at $14,100 at the time of exchange.
3. Paid dividends of $10,633.

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

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