The comparative balance sheets of Hillsdale, Inc., for the fiscal years ended March 31, 2016, and March 31, 2015, were as follows:

Hillsdale, Inc.

Comparative Balance Sheets

March 31, 2016 and 2015

(Thousands of dollars)

2016

2015

2016

2015

Assets

Current assets:

Current liabilities:

Cash

$ 20

$ 4

Accts. Payable

$ 36

$ 32

Accounts receivable

20

32

Notes payable

20

20

Inventory

52

44

Total current liabilities

$ 56

$ 52

Total current assets

$ 92

$ 80

Long-term debt

36

40

Gross property, plant &

Total liabilities

$ 92

$ 92

equipment

$248

$240

Stockholders' equity:

Less: Accumulated

Common stock

$ 80

$ 80

depreciation

128

120

Retained earnings

40

28

Net plant assets

$120

$120

Total stockholders' equity

$120

$108

Total assets

$212

$200

Total liabilities and

stockholders' equity

$212

$200

The company had net income of $50,000 in 2016 and paid cash dividends of $38,000.

Required:

Prepare a statement of cash flows under the indirect method (in thousands of dollars).