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

Balance SheetsAs of December 31 Year 2Year 1Assets Cash$23,928$2,577Accounts receivable1,8881,133Inventory6,5746,163Equipment18,09340,283Accumulated depreciationequipment(7,282)(15,468)Land21,19611,786Total assets$64,397$46,474Liabilities and equity Accounts payable (inventory)$2,572$4,155Long-term debt2,8946,615Common stock22,8009,500Retained earnings36,13126,204Total liabilities and equity$64,397$46,474Income StatementFor the Year Ended December 31, Year 2Sales revenue$37,920Cost of goods sold(15,030)Gross margin22,890Depreciation expense(3,596)Operating income19,294Gain on sale of equipment650Loss on disposal of land(90)Net income$19,854

Additional Data

During Year 2, the company sold equipment for $18,468; it had originally cost $29,600. Accumulated depreciation on this equipment was $11,782 at the time of the sale. Also, the company purchased equipment for $7,410 cash.

The company sold land that had cost $3,890. This land was sold for $3,800, resulting in the recognition of a $90 loss. Also, common stock was issued in exchange for title to land that was valued at $13,300 at the time of exchange.

Paid dividends of $9,927.

Required

Prepare a statement of cash flows using the indirect method.