The comparative balance sheets and income statements for Walton Company follow: 1. During Year 2 , the company sold equipment for $18,259, it had originally cost $31,200. Accumulated depreciation on this equipment was $13,391 at the time of the sale. Also, the company purchased equipment for $7,420cash 2. The company sold land that had cost $4,270. This land was sold for $4,200, resulting in the recognition of a $70 loss. Also, common stock was issued in exchange for title to land that was valued at $11,500 at the time of exchange. 3. Paid dividends of $7,892 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