The comparative balance sheets and income statements for Solomon Company follow: 1. During Year 2 , the company sold equipment for $18,210; it had originally cost $28,100. Accumulated depreciation on this equipment was $10,290 at the time of the sale. Also, the company purchased equipment for $6,990 cash. 2. The company sold land that had cost $3,370. This land was sold for $3,300, resulting in the recognition of a $70 loss. Also, common stock was issued in exchange for title to land that was valued at $10,200 at the time of exchange. 3. Paid dividends of $7,876. 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. SOLOMON COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Less: Increase/Decrease in current assets and current liabilities: Plus: Noncash charges Cash flows from investing activities: Plus: Noncash charges Cash flows from investing activities