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

Balance Sheets as of December 31	Year 2	Year 1
Assets
Cash	$22,157	$2,910
Accounts Receivable	2,358	1,415
Inventory	6,293	5,900
Equipment	19,535	41,155
Accumulated Depreciation-equipment	(9,117)	(16,505)
Land	18,696	8,866
Total Assets	$59,922	$43,741
Liabilities and Equity
Accounts Payable (Inventory)	$2,726	$4,404
Long Term Debt	2,916	6,665
Common Stock	24,600	11,000
Retained Earnings	29,680	21,672
Total liabilities and equity	$59,922	$43,741

Income statement for the year ended December 31, Year 2
Sales Revenue	$31,020
Cost Of Goods Sold	(12,295)
Gross Margin	18,725
Depreciation Expense	(3,338)
Operating Income	15,387
Gain On Sale Of Equipment	700
Loss on Disposal of Land	(70)
Net Income	$16,017

Additional Data

1. During Year 2, the company sold equipment for $18,574; it had originally cost $28,600. Accumulated depreciation on this equipment was $10,726 at the time of the sale. Also, the company purchased equipment for $6,980 cash.
2. The company sold land that had cost $3,770. This land was sold for $3,700, resulting in the recognition of a $70 loss. Also, common stock was issued in exchange for title to land that was valued at $13,600 at the time of exchange.
3. Paid dividends of $8,009.

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

Gypsy Company Statement of Cashflows For the Year Ended December 31, Year 2

Cash Flows From Operating Activities:
(Net Income/Loss)	(--------)
Less: Increases in Current Assets and decreases in current liabilities)
(-----------------------------------------------------------------)	(-----)
(-----------------------------------------------------------------)	(------)
(----------------------------------------------------------------)	(-------)
(----------------------------------------------------------------)	(-------)
Plus: Noncash Charges
(-------------------------------------------------------------------)	(---------)
(-------------------------------------------------------------------)	(---------)
(-------------------------------------------------------------------)	(---------)
(Net Cash Inflow/Outflow from --------- Activities)		$ 0
Cash Flows From Investing Activities
(-------------------------------------------------------------)	(---------)
(--------------------------------------------------------------)	(---------)
(--------------------------------------------------------------)	(---------)
(-------------------------------------------------------------)	(---------)
(Net Cash Inflow/Outflow from -------- activities)		0
Cash Flows From Financing Activities:
(--------------------------------------------------------------)	(---------)
(--------------------------------------------------------------)	(---------)
(--------------------------------------------------------------)	(---------)
(--------------------------------------------------------------)		0
(--------------------------------------------------------------)		0
(Less/Plus Beginning Cash Balance)		(--------)
Ending Cash Balance		$0
Schedule of Noncash investing and financing activities
(---------------------------------------------------------------------------------)		(-----------)

The (-----) are what needs to be filled in.

Options for (-------):

Decrease in accounts payable, decrease in accounts receivable, decrease in inventory, depreciation expense, increase in accounts payable, increase in accounts receivable, increase in inventory, issued common stock for land, paid for dividends, paid to purchase equipment, proceeds from sale of equipment, proceeds from sale of land, repayment of debt.