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

Balance Sheets
As of December 31
	Year 2	Year 1
Assets
Cash	$23,889	$2,537
Accounts receivable	2,247	1,348
Inventory	6,407	6,007
Equipment	18,579	40,299
Accumulated depreciationequipment	(10,417)	(16,519)
Land	21,737	11,137
Total assets	$62,442	$44,809
Liabilities and equity
Accounts payable (inventory)	$2,563	$4,140
Long-term debt	2,658	6,075
Common stock	25,000	10,500
Retained earnings	32,221	24,094
Total liabilities and equity	$62,442	$44,809

Income Statement
For the Year Ended December 31, Year 2
Sales revenue	$32,890
Cost of goods sold	(13,036)
Gross margin	19,854
Depreciation expense	(3,999)
Operating income	15,855
Gain on sale of equipment	500
Loss on disposal of land	(100)
Net income	$16,255

Additional Data

During Year 2, the company sold equipment for $18,999; it had originally cost $28,600. Accumulated depreciation on this equipment was $10,101 at the time of the sale. Also, the company purchased equipment for $6,880 cash.

The company sold land that had cost $3,900. This land was sold for $3,800, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $14,500 at the time of exchange.

Paid dividends of $8,128.

Required

Prepare a statement of cash flows using the indirect method.

Note: Amounts to be deducted and cash outflows should be indicated by a minus sign.