The following information relates to Dunwoody Nursery & Garden Center, Inc. The company leases a building adjacent to its land.

Dunwoody Nursery & Garden Center, Inc.

Comparative Balance Sheets

2011 December 31 and 2010

	2011	2010
Assets
Cash	$44,500	$ 52,000
Accounts receivable, net	59,000	60,000
Merchandise inventory	175,000	120,000
Equipment	412,500	315,000
Accumulated depreciation equipment	(120,000)	(105,000)
Land	75,000	15,000
Total assets	$646,000	$457,000
Liabilities and stockholders equity
Accounts payable	$ 43,750	$40,750
Accrued liabilities payable	2,250	3,750
Capital stock common $10 par	375,000	300,000
Paid-in capital in excess of par	150,000	75,000
Retained earnings	75,000	37,500
Total liabilities and stockholders equity	$646,000	$457,000

Net income was $ 97,500 for the year.

Fully depreciated equipment costing $ 15,000 was sold for $ 3,750 (a gain of $ 3,750), and equipment costing $ 112,500 was purchased for cash.

Depreciation expense for the year was $ 30,000.

Land was purchased, $ 60,000.

An additional 7,500 shares of common stock were issued for cash at $ 20 per share (total proceeds, $ 150,000).

Cash dividends of $ 60,000 were declared and paid.

Prepare a statement of cash flows under the indirect method.