The net changes in the balance sheet accounts of Sweet Justice Enterprises, Inc. for the year 2014 are shown below: Account Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Debit $ 251,200 Credit $28,000 28,000 434,400 40,000 Long-term investments Land Buildings Machinery Office equipment 288,000 600,000 1,200,000 200,000 56,000 Accumulated depreciation: Buildings 48,000 Machinery 40,000 Office equipment 24,000 Accounts payable 366,400 Accrued liabilities 144,000 Dividends payable 256,000 Premium on bonds 64,000 Bonds payable 1,600,000 Preferred stock ($50 par) 120,000 Common stock ($10 par) 312,000 Additional paid-in capitalcommon stock 446,400 Retained earnings Total 174,400 $3,410,400 $3,410,400 Additional information: a) Net Income for the Year Ended December 31, 2014 is $280,000 Extraordinary loss on Condemnation of land $264,000 b) Cash dividends of $256,000 were declared December 15, 2014, payable January 15, 2015. e) The long-term investments were sold for $280,000 d) A building and land which cost 5960,000 and had a book value of $600,000 were sold for $800,000. The cost of the land, included in the cost and book value above, was $40,000 } QUESTION 3 (cont'd) e) The following entry was made to record an exchange of an old machine for a new one: Machinery. Accumulated Depreciation-Machinery. Machinery Cash 320,000 80,000 120,000 280,000 f) A fully depreciated copier machine which cost $56,000 was written off. g) Preferred stock of $120,000 par value was redeemed for $160,000. h) The company sold 24,000 shares common stock on June 15, 2014 for $50 a share. i) Bonds were sold at 104 on December 31, 2014. j) Land was condemned and the proceeds received were $480,000. Required Prepare a statement of cash flows for Sweet Justice Enterprises (SWJ) using the indirect method. Ignore tax effects.