The following information is taken from French Corporation's financial statements:

2018 2017

Cash $63,000 $ 27,000

Accounts receivable 102,000 80,000

Allowance for doubtful accounts (4,500) (3,100)

Inventory 160,000 175,000

Prepaid expenses 7,500 6,800

Land 100,000 60,000

Buildings 294,000 244,000

Accumulated depreciation (32,000) (13,000)

Patents 20,000 35,000

$710,000 $611,700

Accounts payable $ 90,000 $ 84,000

Accrued liabilities 54,000 63,000

Bonds payable 125,000 60,000

Common stock 100,000 100,000

Retained earningsappropriated 80,000 10,000

Retained earningsunappropriated 276,000 302,700

Treasury stock, at cost (15,000) (8,000)

$710,000 $611,700

Net income $78,300

Depreciation expense 19,000

Amortization of patents 5,000

Cash dividends declared and paid 35,000

Gain or loss on sale of patents none

Instructions

Prepare a statement of cash flows for French Corporation for the year 2018. (Use the indirect method.)